The Independent and Independent on Sunday will lay off up to a quarter of journalism staffers as the UK arm of Independent News & Media aims save £10 million, the company announced Tuesday, the Financial Times reported. A total of 90 out of 424 editorial workers will lose their jobs.

INM has been struggling with a simultaneous downturn in advertising and circulation, all while a possible recession looms on the horizon. The FT reported that analysts estimate the two titles are losing as much as £10 million per year.

Simon Kelner, managing director of INM UK, told the FT that there is “no other way” to streamline the business and cut costs, and that a savings of £10 million would “bring the losses to manageable proportions,” although he would not disclose the newspapers' total losses.

“We have got 1986 working practices (the year the Independent launched) and 2008 technology,” Kelner said, according to the FT. “Reporter's copy can come under five sets of eyes. That is just not necessary with the technology we have now. You can get rid of at least one of those levels of process.”

INM is owned by Sir Anthony O'Reilly. His son, Gavin O'Reilly, is INM's chief operating officer and also serves as president of the World Association of Newspapers' executive committee and board.