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ThisDay calls it a day?
ThisDay publisher, Nduka Obaigbena, will address staff and media of ThisDay newspaper later this afternoon, Tuesday. Unless the proprietors of the beleaguered publication can pull off a "scoop" to defend pending liquidation claims and secure new financial backers, it is expected to close.
Widespread media reports on Tuesday - as the daily newspaper failed to appear on the streets as usual - indicated that financial difficulties had come to a head.
The newspaper, barely a year old, attracted some of the best journalists in South Africa, becoming an intellectual read and a fresh alternative to the daily newspaper market.
However, within months of its launch, rumours of financial problems surfaced and the Nigerian-owned newspaper has been beset with controversy over it's circulation figures, the resignation of top management, the deluge of staff leaving in recent months, contributors allegedly not being paid, printers allegedly not being paid, and staff salaries short-changed.
Business Day today reported that the newspaper owes R14 million in unpaid income taxes, its newspaper supplier about R4 million and its pension fund is short by more than R2 million. The report added that ThisDay faced a liquidation application by a creditor in the Johannesburg High Court on Tuesday.
