Metro Media will declare bankruptcy this week, permanently ending its coverage of local government in parts of the province's two largest cities, the head of the Quebec newspaper publisher said Sunday.
In a post on X, formerly known as Twitter, CEO Andrew Mule said the decision was made after the company abruptly suspended operations at its more than 30 hyperlocal publications last month, including the Journal Metro and 16 print weeklies.
``The Journal Metro as you knew it no longer exists. The decision to proceed with the voluntary transfer of Metro Media's assets has been ratified,'' Mule wrote Sunday.
In a statement sent to employees on Aug. 11, Mule said he'd been informed the company no longer had the liquidity to continue despite what he described as a ``healthy balance sheet.''
On Sunday, he said the impending bankruptcy marks a ``sad epilogue'' to his 28 months at the helm.
``I think of my teams, our readers and I feel infinite sadness, a lot of bitterness and regrets. I also feel a terrible sense of unfinished business,'' Mule said.
Meantime, last week it was announced that Metroland Media Group, a chain of small Canadian newspapers, has filed for bankruptcy protection and will lay off 605 people.
The Toronto Star, Metroland’s sister company, made the announcement.
The company will stop publication of its weekly community papers in Ontario and move them to online-only publication, including Niagara This Week.