Gannett, America's largest newspaper publisher, has already written down the value of its papers by almost $6 billion and instituted mandatory furloughs this year. But it could get worse—are thousands of layoffs coming next week?
Gannett Blog is written by former Gannett reporter and editor Jim Hopkins, who—despite being paranoid and sometimes writing like a bit of a nut—does have good sources within the company. And he hears that something in the neighborhood of 4,500 layoffs are coming next week. In reply to a question from a reader:
You ask if the layoff rumors are based on a single tip.
On June 4, a source known to me (I have their name and company affiliation) sent me an e-mail. As best I can recall, the source has been 100% accurate in the past on multiple tips. The source told me that another round of layoffs "will happen on July 8." That is the day people will be notified, they said. Middle-management will be included this time, they said. And no more new furloughs are are being scheduled for the third quarter."
So call in sick next week.