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| author/source:Standard (Zimb) |
| published:Sun 9-Jul-2006 |
| posted on this site:Mon 10-Jul-2006 |
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| Article Type : News |
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| "Saddled with a staggering debt profile that threatens its survival" |
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By our staff
The Zimbabwe Mirror Newspapers Group, Publishers of The Daily Mirror and The Sunday Mirror on Friday nearly failed to produce an edition of its daily. This comes in the wake of reports that the Mirror group "is in deep financial trouble and is saddled with a staggering debt profile that threatens its survival". Sources at the troubled newspaper group told The Standard that of late, the company has been struggling to meet its financial obligations. As a result, said sources, the paper had resorted to printing a maximum of 1 000 copies a day. The copies would be distributed only at strategic points in Harare and Bulawayo, just to maintain a presence. However, things got worse on Friday when the newspaper came out very late. Despite claims by management that the delay in publishing was due to a fault at the printers, well-placed sources said the printers had refused to print because of outstanding payments. A source at the newspaper said all was not well at the newspaper group, and that some advertisers were complaining, as they felt they were being given a raw deal. The source said: "We are having a nightmare. It is now even difficult for us to sell space, as we have outstanding jobs for most of the advertisers. Management is aware of the problem, but it seems the root of the problem is at the top and there is not much they can do." It is understood that among the advertisers who had booked space are the organisers of the Umdala Wethu gala, which was held on Friday. Mirror Board chairperson, Jonathan Kadzura, who reportedly told shareholders that the financial crisis at the newspaper group was getting out of hand, was not reachable on his mobile on Friday and Saturday. All known Mirror landline numbers were continuously engaged yesterday.
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