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“McClatchy to cut 10 percent of work force”

KING-5 TV in Seattle reports:
“McClatchy Co. said Monday [June 16] it will cut 10 percent of its workforce in a move to save $70 million a year as the newspaper publisher continues to struggle to attract advertising dollars.

McClatchy, which publishes The Kansas City Star and The Miami Herald, will trim about 1,400 employees. The staff reductions are part of a plan to reduce overall expenses by $95 million to $100 million over the next four quarters.

“The effects of the current national economic downturn – particularly in real estate, auto and employment advertising – make it essential that we move faster now to realign our workforce and make our operations more efficient,” said McClatchy Chief Executive Gary Pruitt, in a statement.”

[Ed. Note: This is a huge blow to Washington State news coverage with McClatchy’s ownership of The Bellingham Herald, The Olympian The Tacoma News Tribune, & Tri-City Herald in Kennewick.]

Posted by Steve on June 25, 2008 at 7:13 am | Permalink

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