Is this isolated to KC? Or are other MNI properties going to take a hit before thanksgiving?
I'll throw it out to you -- do you expect other McClatchy newspapers to announce layoffs before the end of the year? Leave your thoughts in comments.
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Monday, November 10, 2008
Topic: more layoffs at McClatchy before the end of the year?
Here's a question from Anonymous 2:43:
I'll throw it out to you -- do you expect other McClatchy newspapers to announce layoffs before the end of the year? Leave your thoughts in comments.
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I'll throw it out to you -- do you expect other McClatchy newspapers to announce layoffs before the end of the year? Leave your thoughts in comments.
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8 comments:
It cost $250 million to build the KC Star. The stock market had a cap today of around $159 million for the entire McClatchy Company. The KC Star announce today that they want to sell their building. So what do you think. Sorry I feel for you.
The KC Star cut 120 in June, 65 in September, and another 50 in November. After each round of cuts, they thought they had weathered the storm -- but reality came back to bite them, hard.
Events are spinning beyond the ability of McClatchy's bigwigs to control.
I expect other newspapers to make announcements this month.
Expect more. Many more across the entire spectrum of McClatchy holdings. It is only going to take a very few more quarters of continued advertising losses before their gross income is entirely eaten by interest payments, or, the stock price target goes to zero.
The simple truth is, McClatchy should have gone into liquidation two weeks ago but their creditors had no desire to have the failing company on their hands.
Until that time, cannibalization is the rule of the day.
last one out...turn off the lights...
Back in Sept. there were a number of Modesto Bee employees who were informed that they would be let go in Nov. So I guess, yes. Look like they are losing more revenue with Circuit city filing for bankruptcy.
More coming. Much more. MNI has hit the wall. Years of lousy management has come home. They are firing the indians, but saving the chiefs. But pretty soon, they will realize they can't do any business with all these do-nothing managers around. It is going to get even worse before Christmas, and there will be more announcements at all newspapers.
Merry Christmas from McClatchy: Your present OUT OF A JOB ho ho ho!
That would be so ugly for them to do before Christmas, but I wouldn't be surprised, judging by the way McClatchy has handled themselves thus far. What the heck happened to this company?! It used to be so proud of having never laid anyone off. Now, they're treating their "valuable" employees like dirt. Hey, I understand if you've gotta lay people off to save the company, but the way they're handling things is downright rotten. If not before Xmas, then likely in early 2009, IMO.
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