McClatchy (MNI) shares hit another 52-week low in trading on Wednesday, falling to $3.16 per share by mid morning. The above chart shows the drop in McClatchy shares over the past year.
McClatchy (MNI) shares hit another 52-week low in trading on Wednesday, falling to $3.16 per share by mid morning. The above chart shows the drop in McClatchy shares over the past year.
4 comments:
Massive layoff plans unveiled in Raleigh, smaller newspaper, morale collapsing. Charlotte next.
Stunning: whole newsroom is getting buyout offers...how will they publish?,,,
http://www.newsobserver.com/business/story/1204482.html
Across the board buyouts in Charlotte, everyone involved:
From: Caulkins, Ann
Sent: Wednesday, September 03, 2008 10:03 AM
To: @Charlotte All
Subject: Voluntary Buy Out Program
To All Observer Employees,
As we have communicated for several months, the newspaper industry's
traditional business model is undergoing dramatic change. The
Charlotte Observer has implemented a number of cost-control and
reorganization measures, including reducing our workforce and
implementing a one-year wage freeze. We've also taken advantage of
new synergies with sister Carolinas newspapers, particularly Rock Hill
and Raleigh. But while we've made progress, the economy continues to
worsen, and we must reduce expenses further.
Adapting to economic and business model challenges means realigning
resources and changing business practices. To help achieve this
realignment, we have decided to offer a Voluntary Separation Program
to all regular, full-time employees who have worked continuously for
more than 12 months as of September 3, 2008. We are offering this
program to a very large group of employees to increase the likelihood
that we will reach the employees for whom this works best. Even so,
we anticipate that a relatively small percentage of the group will
apply.
It's premature to establish a goal for this program. We may need to
limit the number of voluntary applications accepted given business
needs or potentially adverse effects on specific areas of our
operations. We will evaluate the number of employees interested in
leaving under the voluntary program, determine how work will be
reallocated and consolidated, and then decide if additional expense
reductions are necessary. Only then will we know if additional staff
reductions must be made through an involuntary severance program. If
so, we will communicate that to you as soon as possible.
Eligible employees will receive individual information packets later
today and have until 10:00 a.m. on Wednesday, September 17 to apply
for the Voluntary program. Questions about the program will be
discussed in employee meetings over the next two weeks. Employees
chosen for this program will work through Friday, October 3, 2008,
unless otherwise notified because of business needs.
If you have questions, please call or set up a time to talk to Olivia
La Melle in Human Resources.
Ann
The slow motion train wreck continues...glad I'm getting off at the next stop Sept. 28
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