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Greetings and salutations I'm Christopher Platt reporting for your black world news with an article from the Chicago sun-times don't forget to subscribe to this channel and visit the black Business School comm. To learn about financial literacy and how you can grow your business today Chicago's historic. Johnson publishing company has filed for bankruptcy court records show the chapter 7 bankruptcy petition was filed late Tuesday afternoon by the company once responsible for ebony and jet magazines it sold the magazines in 2016 meaning Tuesday's move does not affect the publications this decision was not easy nor should it have. Been the company said in a press release announcing the move Johnson Publishing Company is an iconic part of American and African American history since our founding in 1942 and the company's impact. On society cannot be overstated the company said it was caught in a tidal wave of marketplace changes and business issues which despite exhaustive efforts could not be overcome it said it hoped to maximize the value of its assets through a sale which would benefit its creditors the filing. In US Bankruptcy Court in Chicago is a painful reminder of how far the company has fallen since its heyday as one of the most recognizable african-american brands in the nation the late John H Johnson the company's founder had turned a $500 loan borrowed against his mother's furniture into one of the country's most successful african-american owned corporations his evany and. Jet magazines inspired countless black youths former President Barack Obama among them and he used his position to donate millions to African American educational and. Civil rights causes evany began publishing in November of 1945 with a promise to mirror the happier side of Negro life the positive everyday achievements from Harlem to Hollywood but when we talk about race as the number one problem of. America we'll talk Turkey jet followed in 1951 two magazines portrayed successful blacks doctors lawyers businessmen and black celebrities in a glossy magazine format in an era when such publications were typically filled with images of white fair-haired men and women Johnson sought to present a dignified well-rounded portrayal of african-americans that. Would inspire future generations he succeeded in creating. A record of black culture considered by some to be more authority than the Library of Congress or any encyclopedia the publishing icon died at the age of 87 in 2005 six decades after. Ebony hit the stands Johnson's Chicago funeral drew several civil rights leaders as well as former President Bill Clinton Obama who wouldn't win the White House for another three years recalled at the time the inspiration he drew from Johnson's magazines when I was growing up basically the only black men on television were criminals or. Flip Wilson dressed in drag as a character called Geraldine the future president said in 2005 stories in Ebony and Jed helped Obama and others aspire to lofty positions he said it gave you a sense that strong capable black men were out there and you didn't have to assume that your fate was automatically working in some menial job. Or getting involved in crime Obama said the magazines also took crucial editorial stance in 1955 jet published. An open coffin photograph of emic to the 14 year old Chicago boy who was slaughtered by white men in Mississippi for allegedly whistling at a white woman the photos publication was credited with galvanizing the american civil rights movement in ebenezer still an editorial commented on fair employment legislation following World War Two the Negro soldier and sailor wants to come. Home to an America that has wiped out the white supremacy practices which meant the downfall of hitlerism in Germany it said they want to come home to a United States where a job no longer has a color the year since. Johnson's death have been difficult for the company he left behind in 2010 it sold its home of nearly 40 years it's building at 820 South Michigan to Columbia College Chicago the company moved into the building after its completion in 1972 in his biography Johnson wrote of having to buy the property through a proxy because. Of unwillingness to sell to an african-american still Johnson publishing asserted that. Its building designed by architect John Munusamy was the first important Chicago structure designed by an african-american since jean-baptiste pointee disables cabin two centuries earlier the building became a centerpiece for black culture and trends during the heyday of ebony and jet a destination for celebrities and. Politicians seeking to align themselves with the Johnson family in 2014 Jets East print editions and became a digital only publication. In 2016 evany and jet were sold to Clear View group an equity firm in Texas Johnson publishing then turned its attention to its archives and. Cosmetic business fashion Fair Cosmetics thanks for tuning in. Don't forget to share this video let us know what you think also. Don't forget to subscribe to the your black world YouTube channel and visit the. Black business school comm today I'm Christopher Platt reporting until next time Chanel.

 


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