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NEW YORK — In the latest and most dramatic sign of turmoil in an industry beset by the advertising slowdown, Standard Media International and its backers have decided to shutter the Industry Standard magazine, said people familiar with the matter.
Staffers at the respected and once highflying title are on a forced paid vacation this week ahead of the decision after the company failed to find new funding or a buyer.
The company’s backers are considering filing for Chapter 11 bankruptcy protection to reorganize the title and could resuscitate it in a different form.
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