We've been following Chicago's Sun-Times Media Group for months now. The paper laid off a number of staffers in January. Then it hired a dude who lived in Dallas to run the company in February. Earlier this month, it promoted two execs. Well, now it's bankrupt.

Jeremy L. Halbreich, chairman and interim CEO, explained the decision in a statement.

"Over the past several months, the Company has taken several steps to reduce costs and strengthen our organization. However, the significant downturn in the print advertising environment that has affected newspapers across the country has continued to severely impact us. Unfortunately, this deteriorating economic climate, coupled with a significant, pending IRS tax liability dating back to previous management, has led us to today's difficult action. Importantly, we firmly believe that filing for Chapter 11 protection and exploring the potential sale of assets or new investment in the Company offers us the best opportunity to protect our respected media properties for the long-term."

The company's 59 papers will continue to operate. The local news will go on.