Gannett announces furloughs

Are you telling "the suits" at your shop that their behavior is despicable, Fredrick?

You say you're trying to be the one voice. Be one where it matters, not just on here where you're preaching to the choir and where "the suits" will never see/hear a word of it.

 

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Fredrick told the suits they were despicable and they told Fredrick to work harder because the drive-thru window was starting to back up.

 

Thanks. I have felt the need to mention those things you did because I don't sense enough criticism of those who have ruined our business. You know even with corona and everything, the CEOs still will make millions of dollars until the last cent is bled away. No reason for one person to make that kind of money at a newspaper considering they have ruined the companies.

 

I will go to our union leaders this week with my strong feelings. I doubt they will matter.

 

I'm thinking you can make almost as much money working 40 hours a week fast food compared to 40 hours for Gannett. Close to it as a manager at Taco Bell I'd suggest.

 

According to Google Taco Bell managers make from 50-80K though I doubt they work just 40 hours a week. It is a very tough job.

And the reason I posted this is I have a friend who was a manager of a service center for a stockbroker who turned down a job with Taco Bell as a manager. He said the pay was better at Taco Bell but the hours more unpredictable than what he was doing.

 

Dividend suspended, job cuts:
Gannett suspends dividend and negotiates with creditors, to cut jobs and executive salaries

 

From the USA Today article:
“Gannett said it plans to implement $100 million to $125 million in cost cuts in addition to previously planned reductions tied to the merger of New Media Investment Group and the “old” Gannett, which formed the “new” Gannett when the deal was closed in November.”

 

One thing I had not thought about. Gannett was trying to expand its events management business. But that business has gone to zero.

I was predicting bankruptcy in 2022. Now I wonder if it makes it that long.

 

That event thing is something that I think they really shit the bed on, long before COVID-19. From my experiences, it was basically a license to print money, getting a big name (Von Miller in Colorado, Kurt Warner in Iowa, Aaron Rodgers in Wisconsin, Danica Patrick in Indiana), split their fee with other Gannett properties nearby, and charge $50 a head for a "Best of Preps" banquet, where you honor all-area teams for every single sport, they get a pic with the big name and have all their relatives come and happily fork over money to attend.

I think they continued on at some properties, but were quickly dumped at many sites by the "suits" who didn't think it was worth that much effort to rake in an easy payday.

 

In the material they present to investors they emphasized it a growth opportunity for the company. But the company lies a lot.