McClatchy has announced “highly targeted” cost-cutting
steps, among them 90-day leaves for a number of advertising employees and cuts
in executive pay, McClatchy’s Washington
The cuts impacted upwards of 4% of McClatchy’s
2,770-member staff. No journalists were affected, McClatchy reported.
The company also asked the federal bankruptcy
court in New York
The company filed Chapter 11 bankruptcy in
February.
The company is also laying off four
executives, said a letter to employees, the Sacramento Business Journal reported.
CEO Craig Forman said in the letter that he’ll
see a 50% pay cut and five other McClatchy executives will see cuts of 15%.
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