Gannett Corportion - GCI trading symbol - The Daily Times parent company - continues to cut personel and this time it announced that 9% of its workforce would be reduced within the next three months.
Click here to read more: http://www.bloomberg.com/news/2010-08-27/gannett-s-usa-today-to-cut-130-jobs-restructure-as-circulation-declines.html
Market share has dropped yet again for this media giant and its stock value has tanked from $90/Share in 2004 to its current trading level of just $12.09/Share.
Just how low Gannett will go remains to be seen. But odds are that if you are one considering in trading the stock - my advise would be to short your position.
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
5 comments:
It doesn't surprise me at all. With people like Shanie working for them or just sleeping at their desk. I used to go to their place across from the hospital and Shanie would be at a desk day dreaming. Never saw her do anything.
Joe, you appear to have mis-read this Bloomberg news item.
Gannett is a multi-national corporation with about 50,000 employees globally. A 9 percent cut would represent thousands of people.
The story - if you even bothered to read it - explains how USA Today will be cutting some of its workforce, NOT all of Gannett. Do try to keep up!
anonymous 8:22, look again. I didn't write the article.
If they would STOP publishing the "Wicomico Weekly", look at the money they would save. I've requested several times to have this paper stopped. I don't want it!!! I'm guessing several of my neighbors do not wish to have it since they are left in their driveways & driven over day after day....Daily Times drive around & see how these papers are littering our neighbors & streets!!!
These papers jump in bed with the dumbocrats, and look what happens to their business.
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