More from Daytona Beach ... 39 laid off (14 total newsside incl. 2 sports)

http://www.news-journalonline.com/NewsJournalOnline/Business/Headlines/bizBIZ09070209.htm<blockquote>News-Journal Corp. employees will have to take a second, five-day unpaid furlough in the second half of this year, executive manager James Hopson announced Wednesday.

The company's revenue, especially from advertising sales, continues to lag, Hopson told company managers. "It's a tough time and the best we can do is get through it."

Employees, which now number about 550, also took five days of unpaid leave in the second quarter.

News-Journal Corp. is for sale and Hopson said negotiations continue with a buyer, but could give no time frame for when it will be completed.</blockquote>This follows the first round of furloughs during the second quarter of this year, along with company 401(k) contributions being cut to zero and replacing the former 37½-hour work week for hourly employees with a 40-hour week.

Honestly ... it's almost like the only reason anybody has for still working there is that there's no place else for employees to go right now, especially in the depressed Central Florida job market.

 

Re: More from Daytona Beach ... second round of 5-day furloughs

You could say that about most places, I suppose. I've got a lot of friends there, and I know they weren't too happy about the first round of "furcations" as one of them put it.

This graf stood out:

So, does that mean that the deal with Heartland or whoever it was isn't going through? Is there any chance a local group could buy it?

 

Re: More from Daytona Beach ... second round of 5-day furloughs

Given that Wicks (which owns Heartland) just shut down Vibe, I'm beginning to wonder if there's indeed a "whoever." There was some rumbling that a "local group" was involved in the sale discussions at some point, but I can't imagine who that "local group" would be.

I'm wondering if Cox is still insisting on extracting its $129 million pound of flesh, even though it's clear the company is no longer worth the $300 million Judge Antoon pulled out of his ass (if indeed it ever was worth that much). Only offer allegedly extended was for $26 million, which is something like $75 million to $125 million less than a broker quoted last year.

Disclaimer: My family has a history with the federal judge in Cox v. News Journal (and no, we aren't the Davidson family). Basically, we have reason to have concluded he's an idiot long before Cox filed this suit. YMMV.

 

Re: More from Daytona Beach ... second round of 5-day furloughs

That's what I'm wondering. I mean, could the Davidsons (I guess Julia and Marc at this point) go to Cox and offer to buy out their share for say $20 million or so? That's more than Cox would've gotten from the Heartland deal, for sure.

Disclaimer of my own: My family has business dealings with a group close to the Davidsons. But objectively, it would still suck if some chain turned the N-J into the next incarnation of the Palatka Daily News

 

Re: More from Daytona Beach ... second round of 5-day furloughs

Furloughs are a good thing given the alternative.

You get a week off, you get unemployment. It sucks, but it's nowhere close to sucking as much as losing your job or watching a co-worker lose their job.

 

Re: More from Daytona Beach ... second round of 5-day furloughs

I think in Florida you don't get paid for your first week of unemployment. But this would be the second week for everyone in Daytona. Hopefully everyone registered for unemployment the first time around.

And to my knowledge, Cox hasn't sold any of the properties it has on the market.

 

Re: More from Daytona Beach ... second round of 5-day furloughs

Having just begun our THIRD round of furloughs, my editor as thrilled last night when I said in the newsroom, "three rounds amounts to a 6-percent paycut. If it continues in the final quarter, it will be 8 percent."

He was less than happy.

Oh well...

 

Re: More from Daytona Beach ... second round of 5-day furloughs

Well, at least with the furloughs, you get the free time, as opposed to working your tail off and getting 8 percent less.

 

Re: More from Daytona Beach ... second round of 5-day furloughs

Circumstances are different everywhere, so while it appears that is the case, it is not at my shop, I assure you.

There isn't anything good about any of this for anyone, obviously.

 

Re: More from Daytona Beach ... second round of 5-day furloughs

I'm in a double-digit percent pay loss in 2009. No furloughs.

I'd gladly take the days off to go with it. As it stands now, I'm donating nine minutes of every work hour back to the company. Which is like getting fucked in the ass. EVERY. DAY.

 

Re: More from Daytona Beach ... second round of 5-day furloughs

This is correct. Greetings from Florida, the Chamber Of Commerce State.

 

Re: More from Daytona Beach ... second round of 5-day furloughs

Oh, do enlighten me? Do you actually work during your furlough period? I was under the assumption that furloughs were like an unpaid vacation.

I may be forced to take one, but I sure as hell ain't working during one.