Star-Telegram to layoff 12% of workforce

The Fort Worth Star-Telegram announced today it will cut its workforce by 12% in a cost-cutting move, according to an article on the paper's website.

In a memo to employees, [Publisher Gary] Wortel said the reductions would occur in virtually all areas of the paper's operations. In addition to involuntary layoffs, he said a voluntary buyout plan is being offered to many of the more than 1,000 workers.

Employees earning more than $25 thousand per year will also be forced to take a wage cut ranging from 2.5 percent to 10 percent.
Employees' 401(k) plans have already been frozen, after a company-wide move by owner McClatchy Co. earlier this year.

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