OC Register cutting wages

FishbowlLA just reported that the Orange County Register, owned by Freedom Communications, plans to institute a 5-percent wage cut companywide.

*Updated 6/30: A few more details on the wage cuts from the OC Register:

Workers at the Orange County Register will get a 5% cut in pay effective July 13 as part of an across-the-board reduction being implemented by its parent company, Irvine-based Freedom Communications Inc. ...

Freedom is laboring under $700 million in debt, which it took on in 2004 to pay members of the family-owned company who wanted to cash in their shares.

Over the last couple of years, Freedom has implemented a range of cuts including voluntary severance, layoffs and ending the company’s matching contribution to the 401-K plan. During the second quarter, all employees had to take a five-day unpaid furlough.

Burl Osborne, Freedom’s incoming interim chief executive, said the executive team considered and rejected other actions, including additional furloughs in the last two quarters of the year and further layoffs.

“There is no best way,” he said. “This, I believe, is the least worst way. No one is enjoying this.”