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will be forced to cut its payroll by 20 percent by a certain deadline, with the publication’s CEO offering employees severance packages.
The 140-year-old newspaper’s approximately 100 journalists and 170 other staff members received an announcement from CEO Conan Gallaty that they have until August 16 to decide if they will take a buyout package that includes four extra weeks of severance pay, theThe severance packages max out at 12 weeks, and layoffs will follow later in August if the 20 percent goal is not met, Gallaty said.
“I am confident we will emerge from this challenging period as a more focused and sustainable company,” he added.The paper also moved out of its downtown Tampa office in February to save costs — before the major downsizing announcement.
“It’s a curious time to lay off ten percent of your staff. Here we are about 90 days away from what will not only be a consequential presidential race, but an unprecedented one,”Breitbart News’s John Nolte on Tuesday. “We’ve already had one assassination attempt and one major candidate bow out of the race. Additionally, we have the Olympics, a struggling economy, and a growing war in the Middle East.
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