Métro Média to declare bankruptcy as local journalism takes another hit
'The Journal Métro as you knew it no longer exists,' says Métro Média CEO
Métro Média 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 Mulé said the decision was made after the company abruptly suspended operations at its more than 30 hyper-local publications last month, including the Journal Metro and 16 print weeklies.
"The Journal Métro as you knew it no longer exists. The decision to proceed with the voluntary transfer of Métro Média's assets has been ratified," Mulé wrote Sunday.
In a statement sent to employees on Aug. 11, Mulé 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," Mulé said.