Freedom Communications, owner of 30 daily newspapers and eight TV stations, owes about $770 million; the company now makes just $50 million a year down from $200 million half a decade ago.

The company will file for Chapter 11 protection this week, TVNewsCheck reports.

This comes after a company-wide weeklong furlough that was implemented between April 1 and June 30 this year, and a 5% across-the-board pay cut, as well.

The company employs approximately 5,000 people, we think (super-recent figures aren’t available, so that’s a bit of a back-of-the-envelope calcuation). Of course when your parent company goes into bankruptcy you’re not guaranteed to lose your job, but there’s always the risk that the company will want to restructure more than just its debt.