Harp Magazine Folds
Parent company files for Chapter 7 bankruptcy.
Guthrie CEO Glenn Sabin said Harp had struggled to become profitable since the companyâ€™s purchase of the magazine in 2003. â€śUnfortunately, Harpâ€™s critical acclaim never translated into sustaining commercial success,â€ť Sabin said in a statement. â€śHarpâ€™s lifecycle was ill-timed with the precipitous decline of the music software industry, coupled with the consolidation of the consumer magazine newsstand business and rising paper postage costs.â€ť
Harp was founded in 2001 by Scott Crawford, who served as editor-in-chief. The magazine had been distributed nationally and to 15 other countries.
According to the Web site Country Standard Time, Crawford broke the news to staffers last week in an e-mail. "It's with a really heavy heart that I even have to write this. As many of you know, our cash flow had slowed recently,â€ť Crawford wrote. â€śDue to various factors, including the current newsstand magazine slump, the majority shareholders of Guthrie Inc. Harp's parent company, have decided to declare Chapter 7 bankruptcy."
Neither Crawford nor advertising manager Jake Flack returned phone calls for comment.
Harpâ€™s folding comes less than a month after Seattle-based alternative country music magazine No Depression announced that its May-June issueâ€”its 75thâ€”would be its last. The magazine's founders attributed the demise to declining advertising revenues, which were down 30 to 40 percent, they said.