Streetwise Paper In Danger of Folding

Soon, Streetwise vendors may have nothing to sing about. Their paper is in deep financial trouble and could fold.

We have encountered the perfect financial storm of declining ad revenues, declining purchases of the magazine, and declining donations and declining grants," says Pete Kadens of Streetwise.

Streetwise has been struggling for a while, but the current economic crisis has pushed it over the edge. It needs an infusion of more than 75, 000 dollars to stay afloat. Barring that, its formerly homeless vendors, like Troy McCullough could end up back on the street.

“It would be very tough because I wouldn't have money in my pocket to go places, money in my pocket to eat at least," McCullough  says.

“If nothing else happens, Streetwise and its 225 vendors and their families have about another 45 days left,” says Kadens.

Streetwise is not a government subsidized enterprise, and the vendors are not employees. They're independent contractors who actually buy the magazines they sell. Each issues costs the vendors 35 cents, which they turn around and sell for 2 dollars.

“If we close they're going to be panhandling, and there's a difference between Streetwise and panhandling," says Streetwise employee Linda Fisher.

But this is a magazine born out of struggles and no one here is giving up.