Fairfax to cut 5% of workers in Australia and New Zealand
By Erina Lin, Tuesday 26 August 2008 at 19:33 :: Labor & Employment :: #2174 :: rss
Fairfax Media Ltd., Australia's second-biggest newspaper publisher, will cut about 5 percent of its staffers, or 550 jobs, in order to save AU$50 million (US$43 million) in annual costs, Bloomberg reported.
The reductions will begin in the later half of this year, with a third of the cuts coming from editorial departments, according to the company statement Tuesday.
Fairfax is one of the Australian companies which shed workers recently due to higher prices for food, fuel and increasing borrowing costs that threaten to lower consumer spending. The move also shows the company’s decision to shift toward regional publications and digital media, Bloomberg reported.
“It's an appropriate reaction to an environment that's become more challenging as revenue growth slows. I've been pleased with management's approach over the last couple of years and I'm comfortable with their direction today,” said Angus Gluskie at White Fund Management, one of Fairfax's shareholders, according to Bloomberg.
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