When you’re in a financial crisis how do you start to save money? For the Chicago Sun-Times it’s sending out an edict that the paper will cut payroll by 15 percent. The Chicago Tribune reports that the paper cut an undisclosed number of jobs to achieve this goal last week.
The parent company of the Sun-Times—which also publishes the Post-Tribune, the Naperville Sun, the Pioneer Press and North Shore Magazine—filed for chapter 11 on March 31st. So these cuts have been expected.
This has actually been looming for so long, one recently laid off employee, managing editor of the Daily Southtown Dennis Robaugh, said he felt relieved when he was finally informed. “It’s been difficult working under these circumstances at a company that had all this hanging over it.”
Jeremy L. Halbreich, chairman of the board and interim CEO of the media company said that he hoped this would be the full extent of the cuts, but could make no promises considering the companies current situation.
The company reported a net loss for 2008 of $353.5 million, or $4.31 a share, compared with net income of $271.6 million, or $3.37, in 2007. Revenue fell to $323.9 million from $372.3 million.