Not unexpected. Bank of America wants its money.
The Columbian’s difficulties began almost as soon as it moved into a new six-story $40 million office building at 415 W. Sixth St. in downtown Vancouver in January 2008. A sour economy and costs related to the building – where newspaper, advertising, circulation and newsroom operations occupied four floors – triggered three rounds of company-wide layoffs last year that cut more than 100 positions from operations. In December, the newspaper was forced to relocate to its former address at 701 W. Eighth St., where it had operated since the 1950s.
The newspaper is promising to continue operations, though.
Publisher Scott Campbell told The Oregonian that his firms, which include not just the newspaper but a real estate development company, might give the fairly empty new building to Bank of America.
Hard to fathom, Bank of America owning a distressed property.
How dog-bites-man is this? Everybody who follows the news biz saw this coming. I blogged about it here nearly a month ago.
This Piper