In the face of a still-contracting economy, Media General has ordered all employees to take off 10 days without pay through the first three quarters of this year. Even unionized employees and those under contract are being asked to participate to help avoid further layoffs.
The company announced that four of the 10 days off must be taken by the end of March and three days each in the next two fiscal quarters, ending in June and September, respectively.
"The current economic outlook requires us to be even more cautious than we already have been regarding our revenue expectations. Despite aggressive sales initiatives and significant cost reductions already implemented, we need to build in additional expense savings to offset the revenue shortfalls we anticipate," said CEO Marshall Morton.
"With this furlough, along with other cost reduction measures already implemented, we are being prudent and proactive as we address the impact of unprecedented economic turmoil in our country and our industry," he added.
