The involuntary reduction in force will be completed by mid-to-late October to achieve the necessary remaining workforce reductions. The expense related to the reduction in force is estimated at $2.4 million and will be recorded in the fourth quarter. The reduction in force is limited to the news, production, customer retention call center, and Al Dia departments at The Dallas Morning News; the news, consumer sales, packaging and production departments (excluding pressroom) at The Press-Enterprise; and, the news, editorial, advertising and promotion departments, subject to contractual obligations, at The Providence Journal.
Thursday, September 4, 2008
Breaking news: Layoffs for DMN
Corporate just released a statement on its Web site. A quick excerpt:
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Voluntary Severance Program Is Completed
DALLAS, Sept. 4 /PRNewswire-FirstCall/ -- A. H. Belo Corporation (NYSE: AHC) said today that the voluntary severance offer (VSO) extended to the Company's newspaper employees in July has been completed. Overall, 413 employees will leave the company under the VSO -- 270 at The Dallas Morning News, 23 at The Providence Journal, and 120 at The Press-Enterprise. The total cost of the VSO is approximately $11.2 million, the majority of which will be expensed in the third quarter.
The "statement" link on this post goes nowhere.
Corrected. Thanks for bringing it to our attention.
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