It looks like plenty of employees lined up to take voluntary separation payments, with a healthcare benefit, to help reduce staffing overhead at the Milwaukee Journal Sentinel, owned by Journal Communications. When the program was implemented last month, the company said it hoped to reduce staff by 35-50 positions (10/3/07 RBR #193). But when the results were announced this week, Journal Sentinel said it was reducing full time employees by 55-60 positions, with most leaving the company on or around November 15th. Journal Communications will take a 3.0-3.3 million charge in Q4 for the buyouts, which are expected to produce annualized savings of 3.9-4.3 million, beginning in 2008.
