Cycle Canada said to have closed owners deny it is closing
[UPDATE -- According to Masthead magazine, the owners of Cycle Canada magazine deny the magazine has been closed or is about to suspend publication. The November/December issue is on newsstands, says LC Media, and a January issue is due to go on press.[While the magazine's website has been moribund since August, the magazine is apparently used receivership to get out from under some significant debt. The Masthead story says that LC Media recently sold shares to The Fédération des travailleurs du Québec (FTQ), a federation that funds Quebec companies on the verge of bankruptcy. LC Media then made a proposal to its creditors, offering them a severance fee in order to relieve its debt. The creditors voted in favour of the proposal on Nov. 8 and a judge will decide on whether to approve the proposal on Nov. 30.
[Costa Mouzouris, editor of Cycle Canada, acknowledged that confidence in the magazine has suffered. “The challenge will be to show our advertisers that we are still going strong,” Mouzouris told Masthead. “Their confidence has been shaken.”]
The company's last audited circulation statement showed 23,781 average qualified. It sold about 3,300 copies on the newsstand.
Labels: closures
posted by D. B. Scott at
9:54 am
4 Comments:
The mag was purchased by Que.-based LC Media in 2004, and shortly thereafter its very fine editor of 20+ years, Bruce Reeve, resigned in disgust. It has been downhill ever since for the once-venerable title as the sub base eroded and the industry itself was knee-capped by outrageous insurance-premium hikes that discouraged prospective riders.
A visit to the mag's online forum suggests a Nov/Dec issue was indeed published but, you're right, the subscription button is currently defective for both CC and its French-language sister title, Moto Journal. Hmm...not a good sign.
If this mag is indeed circling the drain it is a great pity because it was once (during Reeve's tenure) among the world's best, given its puny Canadian budget. Maybe Transcon can buy the brand for a buck and tack it onto its men's group. It'd be a great fit.
Your headline says "reported closed."
Who, exactly, has reported it closed?
That's a fair criticism of the headline; it has now been changed to "said to have" closed. As far as I know, no publication has reported anything. As to who said, well, I'm not likely to get tips in future if I were to break a confidence.
Double check who's helping the owners. The FTQ is not a financial organization; it's the Quebec Federation of Labour, similar to trade union groups in other provinces.
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