A popular radio company now declares an unexpected bankruptcy after reporting $1M to $10 million in debt with the same range of assets.
High Plains Radio Network, a company that operates stations in Texas, Arkansas and New Mexico, has filed for Chapter 11 bankruptcy.
The company said in its filing that funds would be available for unsecured creditors.
High Plains Radio Network has not outlined a financing plan for its bankruptcy or any plans for how it intends to move forward, reports TheStreet.
High Plains Radio Network Founder Monte Spearman has more than 30 years of broadcast experience working in small markets.
He said that while local radio remains essential, especially in smaller markets, the operating conditions have become challenging.
“The rules of radio ownership have changed, retail has changed, and digital competitors have changed advertising,” he posted on the HPRN website.
“Don’t get me wrong, research confirms that 90% of Americans still listen to broadcast radio every week.
Even with new audio competitors, the magic of providing local information, news, and entertainment on local radio still works for listeners and for advertisers.”
Spearman built his company with a lower cost structure than local radio stations traditionally have.
“The goal for me was to stay local, but to significantly reduce operating costs,” he said.
“Many of my friends in the radio business told me I could do one or the other, but not both! I was not convinced!
I knew a large part of the answer for increased efficiency and cost reduction was in the better and more creative use of existing technology.
Through trial and error and helpful employees, that has proven to be true for our HPR Network.”
He was successful in doing that, but that was not enough to operate profitability.
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Also Read: A Giant Company Now Announces Unexpected Layoffs in California
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Other Economy News Today
A healthcare service company now announces unexpected layoffs, a response due to a sudden drop in demand, sources confirm.
Siemens Healthineers said last week that it plans to close its fast track diagnostics unit in response to a significant drop in demand, becoming the latest medtech company to make cuts this year.
The unit provides polymerase chain reaction (PCR) testing products, mainly in Europe.
Demand for the products peaked during the COVID-19 pandemic but has fallen away since then, reports MedTech Dive.
Closing the unit will affect around 90 employees, most of whom work in Luxembourg.
Siemens, which has laid off U.S. diagnostics staff as part of a wider restructuring, is aiming to complete the closure in September.
Siemens discusses “syndromically grouped real-time PCR multiplex kits” on the fast track diagnostic page of its website.
The kits serve an important clinical need, Siemens said, because they allow physicians to “order a test from the lab covering probable pathogenic causes — virus, bacteria, fungi or parasite — at the same time, in one run.”
Siemens sees the tests as a way to quickly reach a diagnosis and save money.
However, the unit is a “minor player in the molecular diagnostics space,” the company said in its notice about the closure, and provides a “very small part of the overall revenue” of Siemens’ diagnostics segment.
Those factors informed Siemens’ decision to close the unit.
Siemens reached the decision after carrying out a strategic review of portfolio contributions and market opportunities.
The review follows a wider restructuring of the diagnostics business.
Siemens laid off 300 people in New Jersey last year as part of changes intended to achieve 300 million euros in “cost out measures” by 2025.
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Also Read: A Giant Company Now Announces Unexpected Layoffs in Michigan
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