American Media CEO David Pecker, who publishes Shape, Star and the National Enquirer, is slashing and burning through employee perks, as his company scrambles to avoid bankruptcy. In the
biggest change, the company will no longer match employee contributions to 401(k) plans.
A memo to employees says, "As the economic downturn continues, most families have had to
make changes to their lifestyle, some painful. As a corporation, we also must make changes." American Media is expected to see a seven-figure savings from the cuts.
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