KANSAS CITY, Mo. — The company that operates the Kansas City Star newspaper has filed for bankruptcy.
According to a press release, McClatchy filed for voluntary Chapter 11 bankruptcy Thursday.
The voluntary filing is a way to restructure the company, according to the release.
The goal of the restructuring is to push forward their "digital transformation."
McClatchy said in the release that the bankruptcy filing will not affect employee wages or benefits.
The company will, however, be removed from the New York Stock Exchange and will transition to a private holding instead of a public one.
More information about the filing is available online.