Gannett (NYSE:GCI) has announced a series of austerity measures, including "voluntary severance" and mandatory time off, as the company struggles with "truly challenging times," The New York Times says.
"The company continues to face headwinds and uncertainty from the deteriorating macroeconomic environment which has led the executive team to take further immediate action," CEO Mike Reed says in a memo to staff seen by NYT.
Those measures include suspending company matches for contributions to 401(k) plans; pressing employees into five mandatory unpaid days of leave in December (between Dec. 19-30); and an offer of severance to employees in exchange for a voluntary resignation and signed agreement.
The company will also "cease overall hiring with the exception of key revenue and operating roles as well as positions deemed critical."
Gannett stock (GCI) closed the regular session down 0.7%; it's up 3.4% after hours.