"Management has blamed the cuts on the loss in advertising revenue due to the recession, as well as the debt payments that must be made by corporate parent The McClatchy Co. McClatchy purchased the Herald-Leader as part of its $4 billion acquisition of Knight Ridder in 2006. Beyond the purchase price, the acquisition included $2 billion in Knight Ridder debt. With debt payments coming due and revenue plummeting because of the global economic slowdown, McClatchy has ordered more cuts to stay afloat...
"Since the acquisition, Herald-Leader employees have seen their wages and pensions frozen, 401(k) match suspended, insurance rates rise, disability benefits reduced and more. Guild members making more than $25,000 annually agreed last week to also take a 5 percent pay cut, as well as one week off unpaid should the Publisher deem it is necessary. The moves amount to a 6.8 percent pay cut overall..."
So far, no layoffs have been announced at MNI's corporate office. Looks like Gary Pruitt and Team get to keep their jobs. If I hear any developments on other layoffs, I'll pass the news along to you.
.
.
.
13 comments:
http://www.kentucky.com/181/story/736075.html
Editor is going to Arizona apparently.
Here are the numbers in Lexington - some of this is rumor, some of this I know 1st hand but I think it's all fairly accurate...21 in the newsroom (so 14 in the Guild and 7 others) - plus the Editor resigned! 5 sales reps, 2 sales associates, 2 writers for special sections in Advertising, 1 from pre-press, 6 pressmen. 3 from IT though I heard about one guy only to hear that was bad info later on. That's what happens w/ rumors! At least 1 from finance. At least 1 from circulation and 2 from operations. A web designer was forced to part time which is insane if that's where we're growing our business and he's VERY talented so it's just crazy. They were still calling people to HR to lay them off at 5:30!!! It took ALL DAY! When I left at 5:30 they hadn't laid off a single sales manager which is insane. I guess I will find out tomorrow if they got any after 5:30 - if not, the only losses in Advertising management are from 2 managers that resigned last week. We lost some very talented, hard-working employees today and those of us left standing will suffer from their absence. In quite a few work groups today they were told that say 2 of the 3 had to go and they had until Monday to volunteer, otherwise they would let the 2 go based on seniority. So it will be Monday before we know who in those cases. I think everyone will work thru next Friday - except for the sales reps who were immediately escorted from the bldg! People who have worked here 20+ years and they couldn't even go get their purse off their desk - someone else had to bring it to them. It's shameful! SHAME ON YOU MANAGEMENT!
More management in Lexington need to go... especially in advertising. They got rid of sales reps, but kept managers??? They don't need a manager for every 5 reps!
I am stunned they didn't get any sales managers. And don't get me started on the nutty VP running Advertising! Ask anyone in Advertising and they will tell you he has a few screws loose. With his right-hand-woman leaving he's really going to be lost now!
Good grief, only 1 in circulation. I assume Nelson saved his sorry butt AGAIN. How do you become a VP without a college degree? When will people see him for the fraud he is. I agree the adv vp has a loose screw.
Too bad they didn't fire Merlene.
7:29 PM - Circulation was hit with more than one loss. From managers and down, changes were made known yesterday. At least 4 out and 4 moved to either part-time or position reduced. The people leaving will be missed greatly!
Nelson has been the leader for most of the changes which have grown revenue and retained many employees. Education is sometimes a deterent not a help - in this case that is so.
Education is sometimes a deterent not a help - in this case that is so.
----------------
5 minutes in any news room bears that out. It's mind boggling the crap they've been shitting out of J-School for the past 20 years.
There are obviously a lot more people than listed to hit the 53 - but since there's not a list of names somewhere it's all just spread by word-of-mouth - which isn't always accurate!
Talking about cuts to benefits...I'm a "classic" MNI employee. Wouldn't you think that when we doubled in size, taking on KR, that we'd get better benefits? They slashed ours AND jacked the prices. Sweet.
The people left at the HL should be getting their resumes together. I heard there will be more cuts in June. It's a horrible place to work and in some weird way, the ones that got out (laid off) are the lucky ones. There is life (and greater happiness) after the HL.
And shame on Austin on going on an exotic ski trip just before the layoffs. No managment cares for the employeees. They're a bunch of gouls.
You should have seen the glee with which our manager trotted out the new people from India and introduced them all around, the same day they sent someone home for good. Truly clueless and tone deaf.
New people from India? What are you talking about?
Post a Comment