The Riverside Press-Enterprise will lose 120 employees through buyouts, the company announced today. The final day for everyone who agreed to take the package is September 12.
A.H. Belo Corporation, which owns the PE, said the buyouts here and elsewhere should save the company about $30 million a year. From the memo:
Overall, 413 employees will leave the company under the VSO [voluntary severance offer] – 270 at The Dallas Morning News, 23 at The Providence Journal, and 120 at The Press-Enterprise. The total cost of the VSO is approximately $11.2 million, the majority of which will be expensed in the third quarter.
In addition, an involuntary reduction in force will be completed by mid-to-late October to achieve the necessary remaining workforce reductions.
Read the full memo here.
*Updated: The PE reports that 30 more people will be shown the door as part of this "involuntary reduction in force."