A lovely summer in Minneapolis
How’s this for a bit of cheer on your Hump Day? The Minneapolis Star Tribune, which filed for Chapter 11 bankruptcy January 15, 2009, is now doing well enough that it may be able to share a bit of the wealth around, David Brauer of MinnPost reports.
“I’m sure you’re wondering about the likelihood that you will receive a payout for this year or the next few years,” wrote Strib CEO Michael Klingensmith in a memo to staff Monday, obtained by Brauer. “While it’s not a question we can definitively answer in this still-shaky economy, our collective good work so far this year is encouraging. Halfway through the year we are optimistic that if current trends continue, we would expect a profit-sharing payout.”
Essentially, if the company’s cash flow exceeds $5 million for the year, workers will get a portion of everything over the $5 million. A cash-flow of $10 million would equal about a $500 check for each employee.
Not much, Brauer points out, and not enough to make up for the wage cuts of last year. But it’s certainly something, especially from a newspaper that’s been through a number of buyouts and layoffs in the past eighteen months, and was ranked second on a “newspaper deathwatch” list last March.