McClatchy Layoffs Job Cut: fires 1600 employees (Charlotte's Observer): Finance Trading Times

McClatchy Layoffs Job Cut: fires 1600 employees (Charlotte's Observer)

The news is not good for the employees of McClatchy , which is a newspaper publishing company. Now the situation is getting worse for the employees as the recession is taking a toll on all sectors and all of the sectors are feeling the heat. The latest additon to the list of organization which may go for layoffs is the McClatchy Publishers, the parent company of Charlotte's Observer. It has declared that it will layoff some 1600 workers. McClatchy Layoffs

How many employees may be fired in the McClatchy layoffs?
The news is that around 1600 employees may be fired from their jobs at McClatchy. There will also be a salary cut for the remaining employees.

What is the total no. of employees of McClatchy?
Total No. of employees of McClatchy is around 10,700 as of now. Hence, the layoffs will constitue around 15% of the total workforce. The reductions will result from a combination of layoffs, attrition and outsourcing

When will the McClatchy layoffs happen?
As per the reports, the layoffs will be done in this year 2009.

Which locations will be affected by the McClatchy layoffs ?
No confirm news about the locations.

What is the primary reasons for McClatchy layoffs?
The company is laying off because of recession. Then there is the debt incurred from McClatchy’s purchase of Knight-Ridder few years ago, and then the movement of readers and advertisers from daily newspapers to the Internet are a major cause for the setback to the company's business. It had announced a massive loss of 21 million USD last quarter.

Any other news about McClatchy layoffs
As per BizJournal, McClatchy said that its salary reductions would include a 15 percent cut in Pruitt’s base salary. In addition, other executive salaries will be hit with a 10 percent reduction, while board members will see a 13 percent decline in cash compensation, including retainers and meeting fees. Also, McClatchy will pay no bonuses to executive officers this year. No info available about the salary cut or pay cut for other positions.
Let's hope that alternative jobs are available to the affected employees of McClatchy Layoffs Job Cut
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