Industry Standard parent files for bankruptcy
( 2001-08-28 10:15) (7)
Standard Media Inc, parent company of the once high-flying dotcom magazine The Industry Standard, filed for bankruptcy protection on Monday, one week after it ceased publication and laid off most of its staff.
Clerks at the Federal Bankruptcy Court in San Francisco confirmed the filing on Monday, setting the stage for the court to supervise the sale of Standard Media's assets, including the magazine's subscriber list, trademarks, computers and office furniture.
Officials at Standard Media declined to comment to Reuters on the filing. But Chief Operating Officer Ann-Marie McGowan was quoted on the company's Web site as saying there was "considerable interest" in the company's remaining assets from both financial investors and media companies, some of whom might be interested in restarting the magazine.
At the height of the dotcom heyday, The Industry Standard employed more than 400 people and regularly published magazines that exceeded 300 pages
But the dramatic reversal in dotcom fortunes hit the magazine's advertising base hard, and negotiations for further financing from principal investors including trade magazine publisher International Data Group collapsed.