VivaTysons Magazine’s bankruptcy case has been dismissed, but financial challenges remain for the local publication.
Tysons-based Johnny Hanna & Associates LLC, which publishes the print periodical and its associated websites, sought last month to exit bankruptcy, saying that another magazine was trying to use the bankruptcy to poach VivaTysons’ advertising clients.
On Monday, a federal judge granted the company’s motion to dismiss the case and exit bankruptcy.
Despite the seemingly positive development, documents filed in court by VivaTysons’ attorneys paint a bleak picture of the company’s current finances. The magazine’s publisher listed assets of just under $64,000 amid debts and liabilities of more than $840,000.
According to the filings, VivaTysons’ revenue dropped precipitously last year, amid broader challenges for advertising-based publications. VivaTysons’ revenue for 2018 fell 37% to $489,418, from $777,116 in 2017, according to court documents.