HYP Network Closes; Files for Chapter 7 Liquidation
Hispanic Yellow Pages Network is closing down, citing the weak economy and widespread business closings. CEO Jerry Folckemer told Portada:
“Due to the global economic downturn that has affected the entire country, the YP industry is one of the business areas that has been deeply impacted leaving us no choice but to close down with great regret with a wonderful pool of employees.
I believe as the economy improves, the publishing business will continue to be one of the cornerstones of American business and marketing and I feel confident that the Yellow Page Business will continue to be an intricate part of business as we move to the online search engines. It will simply need deep pockets of cash infusion to work through this rough time.
We were faced with small to medium businesses closing at high levels which directly affect the YP business as these are our main customers. Although we had a 30% plus increase in top line revenue for 2008, our collection decline was on the rise.
The small business owner besides going out of business can’t get credit and can not spend as they have in past years. Plus the housing market trickle down effect has created a spending slowdown even with our Google/Yahoo/MSN Search Engine Marketing products.”
HYP, which featured artwork from local artists on its covers, published 12 editions nationwide and was a 7-time winner of the Jose Martí Award.
Hispanic Yellow Pages Network acquires Atlanta directories
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