Nordstar, the company that owns the Toronto Star and other newspapers, announced Friday that it is seeking bankruptcy protection for the unit that owns more than 70 local newspapers and axing more than 600 jobs in the process.
Nordstar says it is putting its Metroland Media Group division into creditor protection under the Bankruptcy and Insolvency Act as part of a restructuring plan.
The Metroland business owns dozens of community newspapers delivered alongside advertising flyers. Nordstar says it is getting out of the flyer business entirely and converting the newspapers to a digital-only format.
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