Gannett Co. to lay off 1,000
Posted by Simon Day on July 1, 2009 at 5:09 AM
Gannett Co. Inc has proposed the lay off of more than 1,000 employees in response to the ongoing revenue declines, the Washington Business Journal reported Tuesday night.
The cuts will affect the company's community publishing division and will not reach national publication USA Today.
The cuts will affect the company's community publishing division and will not reach national publication USA Today.
The first economic quarter saw Gannett's total revenue decline 18 percent, finishing at US$1.38 billion. Advertising revenue was the major loser, down 34 percent to $723 million while circulation revenue fell 3.1 percent to $300 million. This left net income for Gannett at $77.4 million down 60 percent.
Gannett has already imposed cost cutting measures on its employees, who earlier in the year were required to take unpaid furloughs and others temporary salary reductions.
The biggest move involved the closure of the Tuscon Citizen, Arizona's oldest continually running newspaper.
Gannett has already imposed cost cutting measures on its employees, who earlier in the year were required to take unpaid furloughs and others temporary salary reductions.
The biggest move involved the closure of the Tuscon Citizen, Arizona's oldest continually running newspaper.
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