Monday, March 23, 2009

Gannett plans more furloughs to cut costs: memo

Gannett Co Inc will force employees to take a new round of furloughs in April, May and June to save money as newspaper advertising revenue slides, according to a memo obtained by Reuters.

The furloughs come after a round of one-week unpaid leave for its employees saved the company $20 million, according to a memo from a company executive obtained by Reuters.

"We are about to begin the second quarter without any real relief in sight from this unprecedented economic downturn and its challenge to our company," Chief Executive Craig Dubow wrote in a memo to employees on Monday.

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