Boston Globe shutting down?

Paul Tharp of the New York reports that the Boston Globe may be a thing of the past...as of today:

Arthur "Pinch" Sulzberger faces the uncomfortable task of having to shut down the Boston Globe today if holdout employees refuse to fork over $20 million in savings to his family.

If the Sulzberger family carries out its threatened shutdown by today's deadline, it would be an admission that they wasted $1.1 billion in buying the paper in the first place.

But if they back down, it would show a weakness of will that Wall Street investors who hold big stakes -- particularly hard-nosed billionaire Carlos Slim -- might turn against the family to wrest away its control of the enterprise.

And buyers aren't exactly lining up to save this sinking ship:

Another widely discussed option -- selling the 137-year-old Boston paper -- seemed less likely as potential buyers waved off any thoughts of owning the admired money-pit.

"It's like trying to catch a falling knife," said Jack Connors, the former head of Boston ad agency Hill Holliday, who was part of an attempt to buy the paper several years ago.

"I'm not a buyer" because of the Globe's uncertain future, he added. "I don't know whether there's an economic reason to own it."

The Globe was on track to lose $85 million this year unless changes are made, The Times said. That follows losses of $50 million last year.