I chose the wrong day to be away from the computer. Frontburner and Unfair Park and Mixmaster have had details about the end of Quick, along with some comments or explanation from Moroney. I have only a small amount more to add. The basics: Quick is ended. Next issue will be its last. How many lost jobs? I'm told it's 9 which includes a pair of parttimers. I'm told that four fulltime jobs were from the remaining Quick newsroom. If anybody would like to confirm or fine-tune those numbers, please add a comment or send me an email.
I'm told the people who were fired did get some kind of severance package, but I don't know how much.
Was this part of the rumored layoffs? Moroney's told Unfair Park that this was something that was going to happen, on its own, because Quick was never able to make money. So are there other layoffs coming? If you can pull a clear answer from what Moroney has said, please send in a comment.
Today's other news was the release of second quarter financials. Read it here. It is not pleasant reading. Down and down and down. DMN circulation up a tiny amount. Does this mean jobs will be cut?
A note to those who lost jobs today: As with the last layoffs, I'm happy to offer this blog as a place to post any farewells you'd like to share. Add a comment or send me an email.
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Good that Moroney answered questions from other media. But maybe he could have told us first? And maybe when he did send the email to the staff, he could have given us as much information as he gave to FB and UP?
ReplyDeleteYes, 7 full time employees--4 from the Quick newsroom and 3 ad reps.
ReplyDeleteThere was a severance, however not as good as the severance packages of previous layoffs (at least I don't think).
The dividends are aimed at the top execs.
ReplyDeleteIn 2010 A.H. Belo's top four officers gave themselves an average 210 percent pay raise. That added up to $3 million in additional annual cost for the company.
This year, the dividends will cost roughly $5 million - and the largest chunk of that goes to the top execs and their families.
This is going on while the company's income and revenues are still falling.
To pay for it, you have to cut somewhere and rank and file employees are about all there is to reduce that can generate needed savings.
It's unlikely that the subscribers will stand for another big hike in the cost of the company's newspapers so soon.