As first reported by the Washington Business Journal, Tysons-based Johnny Hanna & Associates LLC filed for bankruptcy protection earlier this month, citing assets of $100,001-500,000 and debts of $500,001-1,000,000.
Among the biggest creditors are George Stephenson and his Alexandria-based Stephenson Printing, which are collectively owed nearly $400,000. A handful of business lenders are also listed as creditors.
VivaTysons is published every other month. It is mailed to readers and distributed to local businesses in Tysons, McLean, Falls Church, Vienna, Great Falls and Oakton.
Hanna told WBJ that he has struggled to sell ads in the magazine as digital advertising continues to overtake traditional media.
“People have shied away from print for a while,” Hanna is quoted as saying. “Not many people want to immerse themselves in the community.”
A projected budget filed in federal bankruptcy court says Hanna’s company expects revenue of around $120,000 and expenses of around $190,000 over the next 12 weeks. The expenses include more than $75,000 in compensation for employees, writers and graphic designers; $50,000 for printing; and $25,000 for postage.
Hanna told WBJ that he expects to get “back to normal” after the bankruptcy process.