14 January 2009

gannett on the skids; announces unpaid employee furloughs

gannett/shreveport times


The Times’ parent company, Gannett Co. Inc., has announced a furlough program that will require nearly all of its 40,000-plus employees to take five unpaid days off before the last weekend in March.
Surviving the first half of 2009 is the main concern of the company, [Shreveport Times publisher Pete] Zanmiller said.

"There’s a firm belief that the first half of this year is going to be a struggle. We’re hoping that it turns around, but I’m not sure we have any indicators that it will turnaround in the second half. It may be 2010 before it starts getting better nationally."
Shares in Gannett [NYSE: GCI] fell 47 cents, or 5.8 percent, to $7.60 in afternoon trading Wednesday. ~ read more
see also
the gannett blog
and also
eric hufschmid
the media criminals
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