The owner of The National Enquirer and Star magazine filed for bankruptcy protection. American MediaÂ blames poor checkout sales for their slip into the economic black hole. The company filed for bankruptcy on Wednesday. Does this mean the end of The National Inquirer and Star magazine?
Before shamed celebrities start celebrating, they shouldÂ know that American Media is only filing for bankruptcy protection, they have not announced the end to these publications. With about $879 million in debt, it's not surprising that American Media is cutting cost and looking for help. The company stated:
"The resulting decline in consumer spending on publications sold at retailers' checkout counters, which target demographics that happen to be predominantly affected by challenging economic conditions, has adversely affected the debtors' businesses, operating results and profitability."
Even though the company is filing for bankruptcy, it's certain American Media will find a way to continue to exploit the activities of celebrities and the bizarre for money! Do you think the Internet is to blame as well? Nowadays, celebrity trash can be read from anywhere. Magazines like The National Inquirer and Star provide good headlines for online searches. What do you think? For more unbelievable stories, click here.