The owner of the St. Louis Post-Dispatch announced today that it will file for Chapter 11 bankruptcy this month.
Lee Enterprises, based in Davenport, Iowa, says it will allow the company to restructure its debt and exit bankruptcy within 60 days.
The company said in a press release that the filing would not affect employees, vendors and customers.
Lee owns 48 daily newspapers and nearly 300 specialty publications. It bought The Post-Dispatch from long-time owner Pulitzer, Inc. in 2005 in a cash deal valued at $1.46 billion.