"We are about to begin the second quarter without any real relief in sight from this unprecedented economic downturn and its challenge to our company," said Gannett Chief Executive Craig Dubow in a memo to employees Monday.
"Despite all of your truly remarkable efforts to reverse the trend, our revenue numbers continue their downward slide and we have been faced with more difficult decisions," he said.
Gannett will force its employees to take unpaid time off so the company can cut costs in April, May or June. Most workers will take off for five days, but unlike a similar measure taken by the company in its first quarter, the duration of the unpaid time off will vary by division or location, depending on the division's operating needs and results.
Dubow and other top-ranking officials will participate in the furloughs, the memo said. Of course, a week off for them doesn't hurt them anywhere near as much as it does those on the lower end of the chain.
1 comment:
And Gannett is STILL making enormous profits.
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