(New York, NY) -- The Times company threat to close the "Boston Globe" if unions didn't make major concessions is close to becoming a promise.
Discussions between the management of the 17th largest newspaper in the U.S. and its organized workers were put on hold this morning when a midnight Eastern time deadline arrived.
Both sides indicated negotiations have broken down but hinted there could still be some closed door talks after a break.
Reported sticking points appear to be certain benefits guaranteed by current contracts including lifetime job guarantees.
A decision on the future of the newspaper could come early Monday morning.
The New York Times Company, the "Globe's" parent company announced earlier it would file notice with the federal government on Monday saying it would stop the presses if it couldn't wrangle millions of dollars in concessions from labor unions.
A Sunday midnight deadline had been set for four unions to come up with $20-million in cost cuts.
Federal law requires a 60-day notice before the "Globe" can be shuttered.
While many in the industry would hate to see one of the oldest newspapers in the nation fail, readers may not care much at all.
A recent Pew Research Center survey found only 33-percent of Americans say they'd miss reading their local newspaper if it were to fold.
(Copyright 2009 by Newsroom Solutions)