The Charlotte Observer today announced it is offering a voluntary buyout program to many of its employees, including most of the newsroom.
"The economy has been extremely sluggish," Ann Caulkins, the Observer's publisher, said in a meeting with the newsroom. "We haven't seen any sort of bottom."
Caulkins said the buyout program is voluntary and does not include plans for involuntary separations any time this year.
Caulkins said she expects only 'a small percentage' of employees will elect to take the buyout.
The Observer's corporate parent, McClatchy Co., reported last week that its main source of revenue -- advertising sales -- is still unraveling at an alarming rate, even as the annual comparisons are getting easier.
I was hearing layoff rumors a couple of weeks ago.