McClatchy today announced they will be trimming their workforce by 10 percent, through “voluntary and involuntary separations” and attrition, in order to save $70 million dollars. That translates to about 1,400 full-time equivalent employees. In a press release, the company states today’s moves are part of a plan to reduce overall expenses by $95 to $100 million over the next four quarters.
Among the affected publications: The Sacramento Bee will lose 86 jobs, 46 will be layoffs. According to an internal memo, the Charlotte Observer is eliminating 123 positions, the Miami Herald is axing 250 jobs, the Fort Worth Star Telegram is losing 130 and the Kansas City Star is reducing its staff by 120.
McClatchy reported a 14.2% drop in total revenues during the first five months of the year, although online advertising grew 11.9%.