Company closings always painful and costly,
but new paradigms are starting to fill in the gaps

A succession of nine established and seemingly rock solid companies, seven of them post houses, have fallen by the wayside in the past 27 months.

These were the greatest number of closures in the shortest period of time and represented an economic loss to the city of an estimated $48 million in sales and 160 jobs.

Hi-Tide Media, the reincarnation of 40-year old Cinema Video, was the latest in series of downslides that began in September, 2005 when 10-year old Superior Street declared bankruptcy.

“We had a great run,” said Maggie Magee who founded he companies with partners, “but there were very sad extenuating circumstances” that led to the shuttering, including the inability to renegotiate a costly office lease.

A downsized Superior Street had consolidated operations on floors from three of River North loft but continued to pay $420,000 in rent for the three original floors. Had the landlord released the unoccupied third floor obligation, Superior Street could have remained in business, Magee said.