I heard a rumor a local news anchor has taken a pay cut and lost a newscast as financial conditions deteriorate. With a young child, maybe this is what she wants. Maybe it isn’t.
The Journal Register Company, publisher of a few Connecticut daily newspapers, including the New Haven Register I get every morning, is suffering as well. Already a ruthless cost cutter, JRC seems to have run out of things to cut.
From Editor & Publisher:
Journal Register Co., its stock now selling at about the cover price of its newspapers, disclosed Thursday that it is in danger of being delisted by the New York Stock Exchange (NYSE).
The Yardley, Pa.-based publisher of the Trentonian in Trenton, N.J., said in a Securities and Exchange Commission filing that it had been notified by the NYSE that it had fallen below the Big Board’s “continued listing standard” of minimum share price.
This morning ATA, a discount regional airline announced they were shutting down. Ben Popken at Consumerist.com interviewed a now cashiered employee.
benpopken: What was the mood like once people started finding out?
ATAinsider: Very sad. It seemed somewhat inevitable, but we all had hopes, you know? People had been there for 25 or more years and the worst part is, their loyalty paid off for nothing in the end. Seems to be the state of affairs anymore.
We’re now entering the part of a recession where no one, outside economists, sees the way out. You’ll be hearing lots of the word “cyclical” describing our economy, with little explanation of how and why it’s cyclical, attached.
Even if the economy has always been cyclical, there’s no guarantee it will be this time, or that you won’t be the excess weight tossed overboard as companies scramble to preserve profits and managers scramble to save their own jobs.
Alas, business is never more likely to share equitably than when times are bad.