I had actually heard this was happening some time ago but I was reminded by this article in Crain’s New York business: Ambassador Media, publisher of Ambassador yellow pages is now in Chapter 11/bankruptcy:
The petition was filed Friday in United States Bankruptcy Court for the Southern District of New York.
The independent, private-equity-backed publisher, which does business as Ambassador Yellow Pages, was founded in 1999. It issued a Manhattan directory the following year, and now publishes directories for every borough, including two for Nassau County and a bilingual edition for the Bronx.
Ambassador was one of the first publishers to develop and implement a local SEM offering, initially using ReachLocal’s platform/service and then its own. Ambassador is now the third YP publisher that has sought bankruptcy protection.
People need to remember that bankruptcy doesn’t mean out of business, and many businesses emerge from Chapter 11, but it does illustrate the pressure the industry is under.