Citing simultaneous declines in consumer spending and magazine advertising in most of its key markets, unveiled a "recession plan" Wednesday that will reduce its global workforce by about 8%. Other
cost-savings measures in the plan, which are being adopted with the intention of avoiding additional layoffs, include unpaid time off in both Fiscal 2009 and 2010 where permitted by laws and
agreements, and the suspension of company matching contributions to the U.S. 401(k) retirement plan.
