Thursday, April 3, 2008

Chicago's Daily Herald revenues plunge, employees must take unpaid days off

The Chicago Wolves get their most regular newspaper coverage from the suburban Daily Herald, located in Arlington Heights. But that coverage could decline even further given the financial issues the paper (like the industry as a whole) is having.

From Editor & Publisher:

In a new round of aggressive cost-cutting at the family owned Daily Herald in suburban Chicago, employees were told late Wednesday that they must take an unpaid day off every month until the newspaper's revenues rebound.

Ray said the unpaid "furloughs" are expected to be temporary, "but it will continue until the revenue picture improves and the cost basis of the company is in balance."
He added merit raises for employees "will continue as scheduled."

Ray also strongly hinted that layoffs are coming at the paper.

The paper, Illinois' third-largest daily, has maintained a hiring freeze for months, and has been reducing headcount through attrition, but Ray said that has not been enough to offset the harsh advertising environment.

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