Thoroughbred Times Shuts Down, Files Bankruptcy Amid Financial Struggles
Lexington, Ky.,-based horse industry trade publication Thoroughbred Times on Friday “shut down and filed to liquidate its assets in U.S. Bankruptcy Court,” according to Gregory Hall of the Louisville COURIER-JOURNAL. Sole owner Norman Ridker “authorized the filing of Chapter 7 bankruptcy, which means the publication does not plan to reorganize.” Although the "closing was a surprise," Editor Mark Simon said that the publication’s “financial struggles weren’t a surprise, with recent layoffs and the print magazine cutting back from weekly to every other week.” Simon at the time of the closing said that the publication “had 27 employees.” The bankruptcy court filing shows listed debts total more than $5.25M, "but most of those are owed to Ridker or what Simon said are Ridker companies.” The list of "unsecured creditors runs 25 pages” (Louisville COURIER-JOURNAL, 9/18). Simon said Ridker "couldn't afford to keep us running any longer." Simon: "Given the downturn in the economy, the Thoroughbred economy as well, it was difficult kind of getting through these times. We just racked up a lot of debt doing that, and we just couldn't service it any longer." Simon said that all the assets “have been turned over to a trustee.” Simon: "So the question now is, will somebody buy the assets and do something with the assets?" He said that the assets “include a library, photo files, and publications produced by the Thoroughbred Times which include books, buyers guides and a stallion directory” (KENTUCKY.com, 9/15).