(COLORADO SPRINGS) — Sixty35 Media, formerly the Colorado Springs Independent, announced on Thursday, March 23 that it would once again rebrand back to the Colorado Springs Independent following the layoff of half its staff a week prior.

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. On March 15, Sixty35 laid off half its staff in order to balance income and expenses, the organization said.

Sixty35 then launched a membership and fundraising campaign following the layoffs, and the nonprofit said it delivered more than $25,000 in donations, and garnered advertisers “anxious” to keep the paper afloat that brought in an additional $40,000 toward the organization’s $250,000 goal.

Now, the nonprofit is restructuring under the “Indy” brand. They also plan on bringing back the Colorado Springs Business Journal as a digital product once they are fully staffed again.

“Right now, our focus is really building back the newsroom that we had before all of this happened,” said Bryan Grossman, Executive Editor for Sixty35 Media. “The support for The Independent in the community is strong, The Independent as a brand that’s been around since 1993, so 30 years. So right now it’s rebuilding the trust with the community, reintroducing The Indepentdent back to the city.”

Sixty35 pointed out that if they were to faze out, there would be only one newspaper publication left in the community.