Gannett employees apparently will take the hit in the latest cost-cutting effort by the country's largest newspaper publisher.
CEO Mike Reed announced these changes in a staff
email:
In addition, the company is offering these voluntary options:
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Reed acknowledges, “This is a lot to process. This mix of temporary and permanent actions allows us the near term flexibility we need to drive improvement while preserving our ability to quickly pivot as we see the economy and areas of our business progress.”
Poynter first broke the story on Wednesday.
The news follows the layoff of 400 staffers and an announcement that the firm will not fill roughly that many open positions.
Last Friday, Gannett's stock price closed at $1.49 per share on Friday, a 76% decrease YoY, according to New Jersey Globe.