Entries Tagged 'Layoffs' ↓
March 9th, 2009 — Advertising, Alaska, Credit Crisis, Economy, Layoffs, Media, Miami, Newspaper Industry, Print Media, Sacramento
U.S. newspaper publisher McClatchy, owner of the Miami Herald, Sacramento Bee and Anchorage Daily News, said today that it will be handing out 1,600 pink slips, affecting 15% of its workforce, in an attempt to deal with the stumbling economy and a drop in newspaper advertising revenues.
McClatchy has been under intense pressure to meet heavy debt payments from purchasing the Knight-Ridder newspaper chain back in 2006.
Job cuts will be realized through a severance program, attrition and outsourcing business functions, the company said in a statement.
March 3rd, 2009 — Citibank, Economy, Homeowners, Layoffs, Mortgage, TARP, Unemployment
Unemployed homeowners whose have a mortgage with Citibank’s CitiMortgage are now eligible to have their mortgages temporarily reduced to $500 a month, the company announced today.
Sanjiv Das, CitiMortgage’s president announced that the beleaguered company was offering to help recently unemployed homeowners by giving them the option of paying as little as $500 per month toward their mortgage.
Borrowers are eligible to participate in Citi’s program for up to 3 months, and will be required to submit documentation proving they are recent recipients of unemployment benefits. Homeowners in certain situations may even be able to get extensions after the initial 3-month term.
It is not yet known how many of CitiMortgage’s 1-and-a-half million customers will seek assistance, but the company pointed to statistics that about 4 million people have lost their jobs over the past year.
Links: [Citi Hardship Assistance]
March 2nd, 2009 — Economy, Layoffs, New York, News, Syracuse, Television
WTVH 5, the CBS affiliate in Syracuse, NY, announced today that it has cut its entire on-air news team, laying off about 40 people.
The station, a Syracuse fixture since 1948, announced that it was outsourcing many of its functions to one-time rival crosstown NBC affiliate Channel 3.
The news was broken to staffers by the owners of both stations - Granite Broadcasting (Channel 5) and Barrington Broadcasting (Channel 3) this afternoon.
Workers were told to gather their personal items and leave the building. A small transition team will remain behind to manage the changeover.
Links: [WTVH - 5] [WSTM - 3]