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Farewell BostonNOW

4/15/2008 08:01:00 AM
Thanks Adam, for sending this to article to me. It's time to say goodbye to BostonNOW. It's sad to see you go, but to be honest, I liked the Metro better.

BostonNOW, the daily free newspaper that targets commuters, has shut down operations after only one year in business. While the paper was growing, the closure is due to the financial difficulties its primary investor is facing. The paper's main financial backer is Iceland-based telecom and media holding company Baugur Group.

"This healthy, growing 119,000-circulation daily is suddenly compelled to halt operations due to rapidly deteriorating economic conditions in Iceland where interest rates reached 15.5 percent Thursday, the krona, their currency, has declined over 20 percent against the dollar since January, and inflation is now at 8.7 percent,"

Couple of quick comments. Could BostonNOW not find any investors a little closer to home? And secondly - can I open a savings account in Iceland? 15.5%??? Wowsers. And here I am reading Boston Gal's blog (here) and sighing over the state of my 3% savings account.

Click (here) to read the original article in the Boston Business Journal.

PS. Goodbye newspapers....Long Live Blogs!



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2 Response to "Farewell BostonNOW"

  1. Will Said,

    good idea about hedging the interest rate. Too bad the government will probably keep our money and not give it back to us.

    Posted on 4/15/08, 11:00 AM

     
  2. Ron Newman Said,

    > can I open a savings account in Iceland?

    Be glad you didn't.

    Posted on 10/8/08, 10:54 PM

     
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