Monday, March 23, 2009

Gannett Imposes Another Round of Furloughs

Gannett Co. is forcing most of its U.S. employees to take another week of unpaid leave this year as the largest U.S. newspaper publisher prepares for its rapidly sinking advertising revenue to extend its slide during the second quarter.

The furloughs spelled out Monday in a company memo must be taken before July and are designed to spread the pain through Gannett without the need for further layoffs.

The McLean, Virginia-based company jettisoned about 4,000 jobs, or about 10 percent of its work force, last year to survive a slump that has seen more than $1.1 billion in annual advertising revenue evaporate since 2006. [Click for MORE]



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