(COLORADO SPRINGS) — On Wednesday, March 15 local independent newspaper Sixty35, formally known as the Colorado Springs Independent, announced that it had to lay off about half of its staff due to unaccounted-for debt that was recently discovered.

Sixty35 said its board of directors recently discovered $300,000 in unaccounted-for debt that carried over during its transition from a for-profit company to a nonprofit. Sixty35 also said a “perfect storm” of print-cost increases, dwindling advertising dollars in the post-COVID world, and an increase in overall supply and operational costs contributed to its decision to lay off its staff.

“But we’re not closed, and we have a plan,” said Sixty35.

The newspaper said it will work hard to make sure local, independent journalism continues in the community and to continue “being the progressive news voice in an otherwise conservative media environment.”