Shocking: More McClatchy bad news

[BYH]

The BYH pipeline (the junior high version of Moddy's, but we try as hard as the other kids) informs me that McClatchy announced addition layoffs today. I heard between 5 and 10 percent of its workforce. Anybody else hear anything?

 

[BigSleeper]

http://www.mcclatchy.com/pressreleases/story/2187.html

Separately McClatchy announced an additional cost restructuring to reduce its workforce by about 10%, or approximately 1,150 full-time equivalent employee positions (FTE's) as the company manages through today's difficult advertising downturn and positions itself for future success in an increasingly competitive environment. McClatchy said roughly half of the staff reductions are coming through voluntary programs and managed attrition. The company expects to achieve savings of $100 million over the next four quarters, excluding severance costs of approximately $20 million, from the staff reductions along with other savings initiatives. This represents a savings of more than 6% of total cash expenses based on cash expenses over the last 12 months.

 

[Write-brained]

Again?????


Really?????

 

[sportschick]

And now there'll be even less to read in already thin sections, meaning readership will decline and then they'll have to cut further.

Ugh.

 

[imjustagirl]

http://www.sportsjournalists.com/forum/threads/61193/

NICE D_B, LOOSER!

(sorry SockPuppet)

 

[Drip]

This is just awful. I'm curious, BYH, when you say layoffs, is there a healthy severance package?

 

[JayFarrar]

Crappity, crap.
I'm supposed to be getting a freelance check from them.
If it shows up, and I have my fingers crossed, it better not bounce.

 

[Ace]

I love the term "managed attrition."

"Boss, can we fill this job?"

"No."

That MBA came in real handy, didn't it?

 

[SockPuppet]

Jay: They gotta pay off that $2B debt. Your free lance check will no doubt help.

 

[Ace]

How come everyone positions for future success instead of inevitable failure?

 

[Moderator1]

We're positioning ourselves for future success by, uh, not having any employees.

 

[sportschick]

We're positioning ourselves for future success by, uh, not having any employees.

My cats and your dogs will soon be writing all the copy at McClatchy papers.

 

[Moderator1]

I'm down to one, which the suits would probably see as a good thing. We don't agree.

 

[Drip]

Realistically speaking, how much thinner can some of the McClatchy papers get personnel wise and still be effective at reporting what's going on in their respective communities?

 

[DanOregon]

I'm no economist, but when you buy something expecting to pay for it with the increased profits you anticipate and instead find your revenues declining, forcing you to keep cutting your expenses just to eke out a profit on continually falling revenues, isn't it like swimming against a rip tide?

 

[MU_was_not_so_hard]

Heard through the grapevine a bigger paper in the SE was told today there won't be any newsroom cuts this time in their shop (they lost a decent amount of newsroom people last time).

While that's a good thing short-term for the journos, if all the people who sell ads and print the paper are being axed, how is this thing going to stop spiraling downward like it is?

 

[slappy4428]

Heard through the grapevine a bigger paper in the SE was told today there won't be any newsroom cuts this time in their shop (they lost a decent amount of newsroom people last time).

While that's a good thing short-term for the journos, if all the people who sell ads and print the paper are being axed, how is this thing going to stop spiraling downward like it is?

it isn't and they don't understand it...

 

[Drip]

Heard through the grapevine a bigger paper in the SE was told today there won't be any newsroom cuts this time in their shop (they lost a decent amount of newsroom people last time).

While that's a good thing short-term for the journos, if all the people who sell ads and print the paper are being axed, how is this thing going to stop spiraling downward like it is?

Heard through the grapevine a bigger paper in the SE was told today there won't be any newsroom cuts this time in their shop (they lost a decent amount of newsroom people last time).

While that's a good thing short-term for the journos, if all the people who sell ads and print the paper are being axed, how is this thing going to stop spiraling downward like it is?

it isn't and they don't understand it...

That paper MU just ended a job search that was well noted on the board.
Slappy, I believe they do understand. I think they just don't give a damn.

 

[SockPuppet]

It's like a submarine in a power dive. It won't stop until it hits bottom or its hull is crushed by the pressure. Neither option is appealing.

 

[slappy4428]

It's like a submarine in a power dive. It won't stop until it hits bottom or its hull is crushed by the pressure. Neither option is appealing.

And there's only enough room in the escape pods for the suits