The Source Magazine was once considered to be Hip-Hop’s Bible. Now it’s just a broke, boring, pile of shit collecting dust in the Express aisle at Winn-Dixie. So predictably, the publication has filed bankrupt. Aww…

The Source magazine and Source Entertainment Inc. filed for Chapter 11 bankruptcy in Manhattan Friday after shady business practices from the magazine’s former management caused advertisers to pull out, according to court papers.

With Friday’s filing, the publication also converted and consolidated a previous Chapter 7 filing and listed assets of about $1.3 million and liabilities of $35 million, reports the Associated Press. [ source ]

Can’t say I care, really. I still have XXL, VIBE, Miss Info, and Crunk & Disorderly to soothe me when I need a Hip-Hop fix. The world keeps on spinnin’.

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