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NEW YORK Reader’s Digest Association, publisher of Reader’s Digest and Every Day with Rachael Ray, is whacking 8 percent of its workforce worldwide, citing lower consumer spending and magazine advertising.
The cuts amount to 280 people of RDA’s global workforce of 3,500.
Mary Berner, president and CEO, announced the cuts as part of a “recession plan” that also involves unpaid time off of five days each in RDA’s fiscal 2009 and ’10. The company also is suspending its contributions to the 401(k) plan.
“We hope and expect that most of these moves will be temporary and that the company will soon resume the progress it made in fiscal 2008, when we achieved success in our three-part program to launch growth initiatives, reduce costs and transform the company culture,” Berner said in a statement.
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