One of the largest German daily newspapers, Frankfurter Rundschau, declared bankruptcy on Tuesday, confirming rumors of a possible shutdown of the publication, German media reported.
Although the publishers, the DuMont Group and DDVG, had repeatedly denied claims about the newspaper’s problems in recent months, a court in Frankfurt received a request to initiate bankruptcy proceedings on Tuesday morning. The current management will remain in office until further notice, but decisions regarding operations will be made by a lawyer appointed as the temporary bankruptcy administrator.
However, employees of the newspaper announced on Tuesday afternoon that FR will continue to be published, but did not clarify how this would be made possible.
In recent years, the publishers have implemented austerity measures in the newspaper several times, including salary reductions and the merger of FR with the Berliner Zeitung, but these measures have proven unsuccessful. The Verdi union, which includes employees of FR, did not hide its surprise at the bankruptcy decision.
– We had hoped that there were other solutions – said union representative Manfred Moos. According to union reports, Frankfurter Rundschau employs about 500 people, of which one-fifth are journalists.
The German Journalists’ Association (DJV) called on the publisher not to lay off employees in the editorial office.
– Journalists at FR need a professional perspective – said DJV president Michael Konken. “The collapse of a reputable newspaper is particularly bitter for employees who have fought for the survival of their newspaper for years by sacrificing part of their salaries,” concluded Konken.
The weekly Der Spiegel estimates that the bankruptcy of FR could be just the beginning of a “newspaper massacre” in Germany in the coming months. According to Spiegel’s reports, the survival of the Financial Times Deutschland is also at risk, and a decision on its fate is expected by November 21.
