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'Industry Standard' suspends publication, expected to file for bankruptcy

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New York--Unable to find a buyer, Standard Media International has suspended publication of The Industry Standard, effective immediately, and is expected to file for Chapter 11 bankruptcy protection, according to a person familiar with the situation. The Industry Standard was able to ride the dot-com frenzy to extraordinary numbers of ad pages and soaring ad revenue, which have since been flattened by the tech downturn. Through July the magazine's ad pages fell 75% compared with the same period last year, according to the Publishers Information Bureau. Ad revenue dropped 62%. Last year, Standard Media had $140 million in revenue while revenue projections for this year are closer to $40 million. And despite aggressive cost-cutting and deep job cuts, expenses have left the company in a $50 million hole. COO Ann Marie McGowan will lead the company while it proceeds through its reorganization. The Industry Standard's Web site will continue to operate indefinitely with a skeletal staff.
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