A prospectus released in March 1990 predicted that Vermont Times would be distributed free to 47,000 households in Chittenden County.
[5] The weekly publication immediately felt the impact of recession, responding by cutting its initial operating costs by 20 percent and laying off two part-time employees.
The Burlington Free Press covered the story in February 1991, explaining that Gillis and Winthrop were expecting a difficult economy when making plans for their publication, but not to the extent that presented itself.
[4] In July 1995, shortly after making an unsuccessful attempt to sell the paper at 50 cents a piece, Vermont Times was sold to a New York firm.
"There were some good people who left, I'll be the first to admit it, and some who could have certainly helped us in the short term but for whatever reason didn't want to work for us," Coats recalled, stating "they thought we were the bad guys.