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<br />Newspapers fold as readers defect <br />and economy sours <br /> <br />STORY HIGHLIGHTS <br />NEW: Charlotte Observer announces it will cut staff by nearly 15 percent <br />Ann Arbor (Michigan) News announces it will shut down in July <br />After 138 years, the Tucson Citizen will fold if it doesn't find a buyer soon <br />Two-newspaper towns may be extinct by the end of this year, some experts say <br /> <br />By Stephanie Chen <br /> <br />(CNN) -- The Rocky Mountain News, gone, The Seattle Post-Intelligencer, gone. <br /> <br /> <br />The Seattle PLcom website will be run out of the same iconic headquarters in downtown Seattle. <br /> <br />The chain that owns the Los Angeles Times and the Chicago Tribune is in bankruptcy, Other papers, <br />large and small, are teetering on the brink, <br /> <br />On Monday, the Ann Arbor (Michigan) News announced that it will publish its last edition in July. Taking its <br />place will be a Web site called AnnArbor.com, <br /> <br />Three other Michigan newspapers announced Monday they are reducing their publications to three days a <br />week. The Flint Journal, The Saginaw News and The Bay City Times will publish print editions on <br />Thursdays, Fridays and Sundays, according to the mlive,com Web site, as research shows those are the <br />highest readership days for newspapers. <br /> <br />And the Charlotte Observer announced Monday it will cut its staff by 14.6 percent and reduce the pay of <br />most of the employees it keeps. <br /> <br />The situation now looks grim for The Tucson Citizen, In the past 25 years, circulation at Arizona's oldest <br />newspaper has dwindled from 65,000 to 17,000, The Gannett Co, paper could fold if a buyer can't be found, <br />