Kansas City Star publisher Mark Zieman announced today the Star will lay off about 150 employees and implement wage cuts and other reductions. Most employees who make less than $100,000 annually will receive a wage reduction in the 5% range, beginning on April 20. Employees making over $100,000 will receive a 10% reduction. Employees to be laid off will be notified later, according to Zieman's email.
Hat tip: The Plog
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8 comments:
He's going to need some lovin from Lokeman tonight. All he needs is a brown paper bag to put over her horrid face.
With the pay cut, he might not be able to replace that 4th tire.
150 is A lot of people!
I feel terrible for the people who are going to be asked to pick up the extra work load AND "receive" a paycut.
That on top of the wage freeze for this year amounts to 8-10 percent in pay that might never be recovered.
I hope the poor people in middle management don't lose their bonuses. It is pretty much the only thing that puts them above their "inferiors" in terms of wages and it is in exchange (in many departments) for going salaried ... which means they are asked to put in extra hours in lieu of someone else so that the company does not have to pay overtime
It actually hurts worse. You also lose 3% match on 6% salary (401k - when reinstated), and 6% of ESOP if you do that.
It is the "gift" that keeps on taking.
Sigh... all of the sacrificing is not doing much good. Stock at 41 cents.
Historically sacrificing goats, sheep, virgins or bunny rabbits has never brought better crops, better weather or even a slight uptick in stock prices.
You have given your all for naught.
The problem is that the layoffs have all been primarily at the bottom of the pyramid. Many, many quality reporters have been let go while the duds at the top and the useless editorial board remains virtually untouched.
How pathetic is it that Lewis Duigiud remains a VP even after his embarrassing column was discontinued? What does this man do that justifies keeping him while wonderful street reporters are let go.
If the entire editorial board was fired the paper's reputation would actually go up. Instead they can't adequately cover the local news, loading up the website with stuff purloined from the Wichita Eagle.
I'm at the point that I know more about what's going on in Wichita than I do Kansas City.
Fire the editorial board, the phony Reader's Rep and some of the Brisbane people who continue to soil management. Then bring back the beat reporters and let them do their jobs for a change.
Another thought. Stop looting The Star to save some of your other dogs> There ought to be a law protecting these corporate weasels from looting the assets of one community to save another asset that's already on life support.
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