The McClatchy Co. said today it's lifting a wage freeze that's been in effect for more than a year.
Gary Pruitt, chairman and chief executive of The Bee's parent, announced the news in a memo to employees. He said the freeze will be lifted at different times at each newspaper, depending on the "financial performance and challenges at each individual paper."
The wage freeze, imposed in September 2008, was one of a series of cost-cutting moves the Sacramento-based newspaper chain has taken to cope with a devastating drop in revenue. The Bee, for instance, has trimmed more than one fourth of its work force and cut most workers' pay by 6 percent.
McClatchy is still struggling and Pruitt said 2010 may bring "additional expense cuts." In the third quarter, total revenue fell 23.1 percent from a year earlier. But he said McClatchy is "successfully navigating through these difficult economic times."
[Source: Sacramento Bee]
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