Rumors are circulating about a fresh round of layoffs and salary cuts at Gannett stemming from a recent post on a well-known blog operated by a former company employee, Gannett Blog, says Dow Jones Newswires' Nat Worden. Corporate publicist Tara Connell wasn't immediately available to comment on the post, DJ says.
Meanwhile, Reuters, citing David Kaplan of paidContent, says: Gannett’s stock has lost about 10% of its value, since Monday alone, when Chairman and CEO Craig Dubow disclosed plans for a medical leave of absence. In the meantime, Jim Hopkins’ Gannett Blog cited an unnamed source as saying that newly named principal executive and Chief Financial Officer Gracia Martore will order the elimination of 4,500 jobs across the board on July 8. A Gannett spokesperson did not return calls for comment."
Kaplan's post continues: "Hopkins also hears that the broadcast division will be asked to take a 10% wage cut, in addition to absorbing layoffs. On the plus side, Gannett does not expect to issue any further calls for furloughs for the rest of the year. In January, Gannett first commanded its 40,000-person workforce to take a week off without pay. In October, Gannett said it was laying off about 3,000 staffers at its 80 local papers across the country; two months before that, the publisher said it was cutting 1,000 positions, with 600 staffers being let go."
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