Racked is no longer publishing. Thank you to everyone who read our work over the years. The archives will remain available here; for new stories, head over to Vox.com, where our staff is covering consumer culture for The Goods by Vox. You can also see what we’re up to by signing up here.
Tribune Co., which owns the LA Times, filed Chapter 11 bankruptcy protection today. The WSJ reports on the "high-profile gamble by billionaire real-estate mogul Samuel Zell," an $8 billion endeavor in the midst of hemorrhaging advertising dollars: "The newspaper industry is on pace to have its worst year on record. The industry's advertising revenue through the first three quarters of 2008 is about 21% below levels just two years ago." Zell told the paper: "What precipitated the filing was a huge erosion in revenue and a total lack of visibility going forward...That's a tsunami you can't swim up against." [WSJ]