This blog is mainly about the spectacular train wreck at The Sacramento Bee and its parent company, the McClatchy Company. But I also post about current events, the Iraq and Afghanistan wars, politics, anything else that grabs my attention. Take a look around this blog, hope you enjoy it.
Monday, March 2, 2009
Running slow, info will be updated this afternoon and evening
Comments are being reviewed before posting -- which has slowed things down. Keep checking back -- and thanks for your patience. . .
6 comments:
Anonymous
said...
You might do a compilation of Mr/Mz Lunatic Nutball's rants. Just for comedic relief purposes mind you.
McClatchy Files Form 10-K and Reports Final Results for 2008
Reports additional loss from discontinued operations
SACRAMENTO, Calif., March 2 /PRNewswire-FirstCall/ -- The McClatchy Company (NYSE: MNI) today reported that it filed its Annual Report on Form 10-K for the year ended December 28, 2008 (the Report) with the Securities and Exchange Commission (SEC), which includes its final fourth quarter and full year 2008 results. The company's fourth quarter 2008 after-tax loss from continuing operations was unchanged from the previously reported $20.4 million, or $0.25 per share. The company's total net loss, including the results of discontinued operations, was $27.0 million, or $0.33 per share.
Here's the latest from The Modesto Bee, where the newsroom's union today was threatened with with massive layoffs unless it agreed to hefty pay cuts. Below is what the Guild president emailed to newsroom staff:
The company (Modesto Bee) came to the table (Monday), as expected, with a proposal for layoffs, wage cuts, furloughs and vacation accrual reductions. Because we are still negotiating a full contract, they asked us to vote only on these provisions. They gave us their terms verbally, nothing was written out so we are still waiting for a final written confirmation of these terms. If we tentatively agree to take this to a vote, we would have a week to ratify the vote with membership before layoffs would occur.
THE COMPANY'S PROPOSAL: 1) 11 laid-off employees within the bargaining unit if we agree to the terms (that number does not including managers, exempt employees as far as we understand it) 2) 21 laid off employees if we do not agree to the terms. 3) Pay cuts by what you earn (these would be instituted building wide for all employees) - up to $25,000 = 0% cut - $25,000-$34,999 = 2% cut - $35,000-$49,999 = 3% cut - $50,000-$64,999 = 5% cut - $65,000-$99,999 = 7.5% cut - $100,000+ = 10% cut (Part-timers pay cuts would be based on what their hourly rate would equal in they were full-time) 4) A work furlough of a week unpaid (to start the second half of the year), with the option of continuing furloughs each year indefinitely. 5) Cut vacation accrual up to only 1 week above your annual allotment (if you earn 3 weeks, can accumulate 4 weeks, if earn 4 weeks, can accrue 5 weeks - currently we can accrue up to 1.5 times your rate).
They said they would be open to people who volunteered to resign/be laid off. They would be covered by the same severance language in the contract, two weeks of pay per year of service up to 40 weeks. Laid off employees Cobra coverage would be the new federal rate with is up to 9 months at 35 percent.
A couple numbers to mull over. By my count we have 56 guild-covered employees in the newsroom (including on-callers and part-timers). We have 14 managers.
That's a change on the cobra from previous layoffs, which received 3 months at no cost. That probably saves them $2700 an employee. Looking at the other posts, the wage reduction is far higher than other papers in the group. What's sad is, that if the wage reductions are agreed to, who's to say you won't get laid off 3 months from now, only with less severance as your pay has been reduced? Time to take care of numero uno
6 comments:
You might do a compilation of Mr/Mz Lunatic Nutball's rants. Just for comedic relief purposes mind you.
Unlike MNI, we have all the time in the world. Understandably, we cant have some spammer control this board!!
Anon 4:28 is right. Great comedy relief, no kidding.
Here's a headline for you Kevin:
McClatchy Files Form 10-K and Reports Final Results for 2008
Reports additional loss from discontinued operations
SACRAMENTO, Calif., March 2 /PRNewswire-FirstCall/ -- The McClatchy Company (NYSE: MNI) today reported that it filed its Annual Report on Form 10-K for the year ended December 28, 2008 (the Report) with the Securities and Exchange Commission (SEC), which includes its final fourth quarter and full year 2008 results. The company's fourth quarter 2008 after-tax loss from continuing operations was unchanged from the previously reported $20.4 million, or $0.25 per share. The company's total net loss, including the results of discontinued operations, was $27.0 million, or $0.33 per share.
http://news.prnewswire.com/DisplayReleaseContent.aspx?ACCT=ind_focus.story&STORY=/www/story/03-02-2009/0004981557&EDATE=
Better get it before someone at McClatchy takes it down!
Here's the latest from The Modesto Bee, where the newsroom's union today was threatened with with massive layoffs unless it agreed to hefty pay cuts. Below is what the Guild president emailed to newsroom staff:
The company (Modesto Bee) came to the table (Monday), as expected, with a proposal for layoffs, wage cuts, furloughs and vacation accrual reductions. Because we are still negotiating a full contract, they asked us to vote only on these provisions. They gave us their terms verbally, nothing was written out so we are still waiting for a final written confirmation of these terms. If we tentatively agree to take this to a vote, we would have a week to ratify the vote with membership before layoffs would occur.
THE COMPANY'S PROPOSAL:
1) 11 laid-off employees within the bargaining unit if we agree to the terms (that number does not including managers, exempt employees as far as we understand it)
2) 21 laid off employees if we do not agree to the terms.
3) Pay cuts by what you earn (these would be instituted building wide for all employees)
- up to $25,000 = 0% cut
- $25,000-$34,999 = 2% cut
- $35,000-$49,999 = 3% cut
- $50,000-$64,999 = 5% cut
- $65,000-$99,999 = 7.5% cut
- $100,000+ = 10% cut
(Part-timers pay cuts would be based on what their hourly rate would equal in they were full-time)
4) A work furlough of a week unpaid (to start the second half of the year), with the option of continuing furloughs each year indefinitely.
5) Cut vacation accrual up to only 1 week above your annual allotment (if you earn 3 weeks, can accumulate 4 weeks, if earn 4 weeks, can accrue 5 weeks - currently we can accrue up to 1.5 times your rate).
They said they would be open to people who volunteered to resign/be laid off. They would be covered by the same severance language in the contract, two weeks of pay per year of service up to 40 weeks. Laid off employees Cobra coverage would be the new federal rate with is up to 9 months at 35 percent.
A couple numbers to mull over. By my count we have 56 guild-covered employees in the newsroom (including on-callers and part-timers). We have 14 managers.
That's a change on the cobra from previous layoffs, which received 3 months at no cost. That probably saves them $2700 an employee. Looking at the other posts, the wage reduction is far higher than other papers in the group. What's sad is, that if the wage reductions are agreed to, who's to say you won't get laid off 3 months from now, only with less severance as your pay has been reduced? Time to take care of numero uno
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