Troubled Gannett Announces Hiring Freeze, Unpaid Holiday Furloughs, Suspension Of 401K Match And Voluntary Severance

The nation’s largest newspaper chain, Gannett, continued its cost cutting measures today, announcing a hiring freeze, a mandatory unpaid five-day leave for every employee this December, a six-month sabbatical, a suspension of 401K matches from the company, voluntary severance offer for those who want to retire or leave the company and an optional four-day workweek.

“While these actions are tough, they are critical to Gannett’s long-term success,” CEO and Chairman Michael Reed told employees during a Wednesday company-wide meeting that, according to at least one employee, lasted all of 15 minutes. Reed said the moves “ensure we are prepared to withstand the uncertainty that lies ahead.”

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Article URL : https://deadline.com/2022/10/gannett-newspapers-hiring-freeze-layoffs-unpaid-leave-voluntary-severance-1235143064/