The Star Tribune of the Twin Cities today announced its second round of layoffs this year (the first was in March).
Bowing to the pressures of declining circulation and falling revenue, the Star Tribune Monday announced a sweeping program of buyouts across the company that will send 145 employees out the door, either through buyouts or, if enough people don’t volunteer, layoffs.
The cuts represent 7 percent of the company’s 2,100 positions and include 50 positions out of 383 people in the newsroom and editorial departments.
Publisher Par Ridder delivered the news in a company-wide meeting in which he laid out the increasingly bleak fortunes for daily metro newspapers. The company’s annual advertising and circulation revenue has fallen by $64 million over the last three years. Classified advertising was down 23 percent in the first quarter over last year. If current trends continue, Ridder said, the paper would begin to lose money in a year to 18 months.
The full article goes into considerable detail on the financial problems facing the paper, which was sold late last year for less than half of what McClatchy had paid for it.
Technorati: Media, Layoffs, Newspaper, Star Tribune
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