September 25th, 2009 | by HANK STERN News | Posted In: CLEAN UP

Oregonian Says Its Financial Situation "Remains Critical" And Hopes to Avoid Layoffs

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In language so clear it requires no MBA to understand, The Oregonian posted a story on its website today that says the paper hopes enough people take the latest buyout offer under consideration by employees.

The daily is hoping that because the more employees take the newest buyout offer, the better the chance there won't have to be layoffs, according to excerpts from a letter written to staff by interim Publisher Patrick Stickel.

"Our financial situation remains critical, and will require, among other measures, further staff reductions before the end of this year," wrote Patrick Stickel, whose 87-year-old father Fred officially stepped down as publisher last week. "If a significant number of you accept the offer it could minimize or eliminate the need for layoffs down the line."

This buyout offer of two weeks' pay per year of service and health insurance capped at six months isn't nearly as generous as last year's offer of two years' pay and benefits. But the potential prospect of layoffs for those who don't take this latest scaled-down offer will certainly cause a lot of staffers — already facing a half-dozen furlough days next year — to consider a buyout seriously since there's buzz that anybody who's laid off would only get one week of pay per year of service.
 
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