B-To-B Publisher Penton Cuts Pay, Institutes Furloughs

More bad news: B-to-b publisher Penton Media announced yesterday that it would be reducing the workweek to four days during the summer and cutting pay accordingly, Folio reported.
CEO Sharon Rowlands announced the changes in a memo sent to all staff. She called the preceding quarter “the toughest in my business career” and that some of the company’s trade shows, even some of the strongest, “will show negative growth this year.”
Penton publishes over 100 titles in industries as varied as fitness and aviation.
Rowlands closed her memo thus: “I am determined we will come out of this recession strongly and will go on to do great things.” Hope so, otherwise those 700 or so employees will find worse down the road than just summer Fridays off.