McClatchy, one of the top three newspaper publishers in American media and the publisher of The Sacramento Bee for more than 150 years, filed for bankruptcy on Thursday, citing overwhelming pension obligations, as well as declining business.
The group, headquartered in Sacramento, publishes The Bee, The Miami Herald, The Kansas City Star, and other newspapers. It employs around 2,800 workers.
The company's pension plan is reportedly underfunded by around $535 million. McClatchy has been growing its digital presence in recent years in an effort to maintain a viable business, cutting costs by tens of millions of dollars and upping its online subscription base by more than 200,000.
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