Post by Bornthrilla on Nov 7, 2008 13:52:32 GMT -5
News & Record issuing employee buyout program
Friday, November 7
(updated 12:53 pm)
Staff Reports
News & Record publisher Robin Saul announced today the newspaper is initiating a voluntary separation program.
All employees are eligible to apply for the buyout program, but none are guaranteed a spot, according to an e-mail sent to employees Friday.
"The past two years have been very challenging for the financial performance of our company," Saul wrote in the e-mail. "To address the dramatic revenue declines, we have initiated a number of cost-control and reorganization measures."
Saul cited declining revenue projections and an increase in newsprint and distribution costs as reasons for the buyout.
Employees who apply and are accepted into the program would be eligible to receive severance compensation of twelve weeks pay plus an additional two weeks of pay for each complete year of service with Landmark up to a maximum of 52 weeks.
"We are hopeful this voluntary program will help us meet our reduction goal of 8 to 10 percent of our full time positions," Saul wrote.
If not enough employees take the buyout, Saul indicated layoffs would be the company's next step.
Saul said the News & Record continues to be "a stable business providing the largest consumer reach for our advertising customers." The payroll reduction "will permit us to move our business forward and remain competitively viable."
Friday, November 7
(updated 12:53 pm)
Staff Reports
News & Record publisher Robin Saul announced today the newspaper is initiating a voluntary separation program.
All employees are eligible to apply for the buyout program, but none are guaranteed a spot, according to an e-mail sent to employees Friday.
"The past two years have been very challenging for the financial performance of our company," Saul wrote in the e-mail. "To address the dramatic revenue declines, we have initiated a number of cost-control and reorganization measures."
Saul cited declining revenue projections and an increase in newsprint and distribution costs as reasons for the buyout.
Employees who apply and are accepted into the program would be eligible to receive severance compensation of twelve weeks pay plus an additional two weeks of pay for each complete year of service with Landmark up to a maximum of 52 weeks.
"We are hopeful this voluntary program will help us meet our reduction goal of 8 to 10 percent of our full time positions," Saul wrote.
If not enough employees take the buyout, Saul indicated layoffs would be the company's next step.
Saul said the News & Record continues to be "a stable business providing the largest consumer reach for our advertising customers." The payroll reduction "will permit us to move our business forward and remain competitively viable."
