Gotta love the McClatchyism "transition packages" -- just call it a severance package, McClatchy.Citing an "extremely challenging" advertising market, the Lexington Herald-Leader on Tuesday announced that it is reducing its workforce by 10 full-time and two part-time employees.
The newspaper has been through several rounds of layoffs and voluntary buyouts since early 2008. The most recent and largest of those was in March, when the newspaper laid off 49 full-time and four part-time employees, and reduced wages for remaining employees.
"Having to take such painful steps is especially disappointing because we believed the economy would be recovering by now and advertising revenues would follow suit," Herald-Leader Publisher Timothy M. Kelly said in a message to the staff Tuesday. "However, the economic downturn has lasted longer than expected, and despite an upturn in the second quarter, the advertising climate remains extremely challenging."
Kelly said the majority of the reduction is in the newspaper's operations division, mostly related to outsourcing additional printing to The Courier-Journal in Louisville. The Courier-Journal already prints the Herald-Leader's Sunday comics, and will now print some additional sections of the paper that are prepared in advance.
The Herald-Leader will continue to have its nightly press run in Lexington and will maintain its commercial printing business.
Employees affected by the cuts will receive a transition package that includes severance pay and outplacement services, Kelly said. He added that other expense cuts are being implemented in virtually all areas of the newspaper.
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15 comments:
McClatchy sucks.
We're profitable! Smooth sailing ahead...hoist the main sails. We have thousands of you Lemmings that we can lay off and avoid the inevitable.
Peons...now get out there and promote my Obama.
G
any press operators loosing their job? anybody know?
Didn't Lexington shit can all their pressmen already?
Like one of those 'Jack in the box' where you crank the handle and the 'pop goes the weasle' song plays and SURPRISE! you are laid off
McClatchy is only profitable if they keep cutting bodies. Otherwise, they're bankrupt.
Do I smell the end of another quarter coming??
Do I smell the end of another quarter coming??
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Sniff, sniff...It definitely smells like the end of something, but their conference call is listen only. You're not allowed to ask what the stink is.
"Listen-only" is common practice for earnings calls. Analysts, institutional investors and selected others have and will continue to be able to questions on these calls. No change there.
Don't believe? Here's a link to what a past 30-day Google search on "listen-only earnings call" turned up:
http://news.google.com/news/search?aq=f&um=1&ned=us&hl=en&q=%22listen-only%22+earnings+call
"Listen-only" is common practice for earnings calls.
Bullshit. Listen only is only used when a company wants no questions. McCatchy started the practice only after several quarters of bad earning and they knew it wasn't getting better.
You're full of shit.
Nope. Not full of shit. I know for a fact McClatchy NEVER took questions from an open line. It has always been big investors and analysts asking questions. Never was it an average Joe investor. Period.
Perhaps you're misinformed about what "listen-only" means. It certainly doesn't mean no one gets to ask questions. Analysts and investors will most certainly be asking question, just as they always have, come the next conference call.
You want to get on the line and ask a question? Call investor relations and ask if you can be included on the list. You might get lucky and be added to it.
If anyone is full of it, it's you. You've got your facts way wrong. Proof? Check this link - http://www.mcclatchy.com/pressreleases/story/1549.html
Guess what it shows? Yup. In 2004 McClatchy utilized "listen-only" lines on earnings calls.
Now you're going to hedge and say, "... several quarters," right?
Nice try. Check this one - http://www.mcclatchy.com/pressreleases/story/1448.html
Yup! Even in 2001, "listen-only" lines were used for earnings calls.
Looks like I am not full of it, you are.
Owned.
Management escapes the Lay offs!
Now there's almost a manager for every employee. 1:1 !!!
yes one pressman &the reelroom
Too bad you can't understand the bold fact as to why LHL continues to lose readers - You and most present day newspapers are so biased toward liberalism that you turn most readers off. Joel Pett and Larry Dale Keelling are poisoning your paper. Lose them!
i think lexington only has 6 pressmen left and no reel tenders with 5 supervisors lol what a joke... i give it another yr. at most...feel blessed if ur outta there.
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