You can add Freedom Communications to the list of companies ordering employees to take time off without pay to help cut expenses. All non-union employees at the company’s TV stations and newspapers will be furloughed for five days in Q2.
“Freedom continues to generate positive cash flow, and we see the furlough program as a sound business and financial move to help weather the present severe economic conditions that we believe will improve by year end,” CEO Scott Flanders said in a statement. He said Freedom needs to continue to reduce expenses while delivering its products and services. Of the options considered, he said the furloughs provided the savings will still allowing the company to maximize operations.
Freedom had previously frozen wages and suspended the company’s 401(k) match.
Freedom Communications owns eight TV stations, 33 daily and 77 weekly newspapers.