THE Oldham Evening Chronicle newspaper has gone into administration, with the majority of its 49 staff made redundant and the daily paper, established in 1854, ceasing publication.
In a statement, financial services company KPMG said it had been appointed as the administrator for Chronicle publisher Hirst, Kidd and Rennie.
It said: “Production of the Oldham Evening Chronicle and its companion publications has ceased and regrettably the majority of the staff have been made redundant.”
As well as the Chronicle, the company also produces four monthly free titles, including the Oldham Extra, Saddleworth Extra, Tameside Extra and the Dale Times, and three quarterly A4 magazines: Oldham Business Edge, The Knowledge and Primary Knowledge.
Paul Flint, partner at KPMG and joint administrator, said: “The company was faced with an increasing deficit in its defined benefits pension scheme in addition to the challenging trading conditions arising from the changing nature of the local media landscape.
“Unfortunately despite a rigorous sales process, a buyer for this long standing paper has not been found and it’s not commercially viable to continue operating.”
KPMG has said it will work to support employees through the redundancy process.
It added: “We are also seeking buyers for the assets of the business, including the newspaper title to try and ensure its heritage will be preserved and continued.”
The company also operated a promotions facility – Reader Holidays – in conjunction with a number of partners in the travel sector, with deposits paid to be “refunded in due course”.