Is the Catalina coupon printer at your local store about to start printing IOUs instead?

The company best known for providing money-saving checkout coupons that print at the register is looking to cut some expenses of its own right now. Catalina Marketing filed for Chapter 11 bankruptcy protection this morning, in a move aimed at increasing its “financial flexibility”, reducing its outstanding debt by about $1.6 billion and “positioning the company for long-term success”.

The company is portraying the restructuring process as a positive. “After carefully evaluating our options, we determined that a court-supervised restructuring is the best way to strengthen our financial position for the long term,” Catalina CEO Jerry Sokol said in a statement. “Today’s announcement represents a significant step forward in transforming our business because it enables us to accelerate investments in technology, advanced analytics, data science and talent to strengthen our core capabilities and enable new data-driven solutions for our customers.” Coupons in the News article here.