Monday, March 23, 2009

Oregonian newspaper announces pay cuts, other measures

The Oregonian newspaper on Monday announced cost-reduction measures that include pay cuts, furloughs and layoffs of part-time employees to keep the company profitable in a difficult economic climate.

Publisher Fred A. Stickel and President Patrick F. Stickel announced the measures in a letter to employees and in company meetings, the newspaper said on its website.

Patrick Stickel said "steeply declining advertising revenues" created an operating deficit of "more than $10 million" in 2008.

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