The Washington Post is facing financial difficulties and has now offered buyout packages to employees.
If not enough employees accept, involuntary layoffs will be implemented.
“As promised, I will continue to provide updates on the voluntary separation package and where we stand in the process,” CEO Patty Stonesifer wrote. (Trending: Biden Shamefully Removes God From National Address)
In a memo to staff, Washington Post CEO Patty Stonesifer says 120 employees have accepted buyout packages. If the paper doesn't find another 120 people who will accept buyouts in the next two weeks, it will implement layoffs. pic.twitter.com/ztdZwVz5WD
— Max Tani (@maxwelltani) November 28, 2023
“As of today, 120 employees have accepted the package.”
“We now have just under two weeks before the December 11 deadline for non-union employees and two and a half weeks before the December 15 deadline for Guild-covered employees,” she added.
“We have made the decision, if we fall short of this goal, to implement involuntary layoffs in those areas where we have already identified that positions do not need to be replaced, where work can be reassigned more efficiently or where we can otherwise achieve cost savings,” she wrote.
Hard-working Post employees are going to lose their jobs because of a litany of poor business decisions at the top of our company.
— Washington Post Guild (@PostGuild) October 10, 2023
“These layoffs would offer significantly less generous benefits than the voluntary package and will be consistent with prior layoff packages at The Post,” she added.
The decision has been met with criticism, particularly due to the Post being owned by Amazon founder Jeff Bezos.
The company’s poor financial health is attributed to a decline in ad revenue and digital subscribers, as well as declining newspaper circulation.
“We are infuriated about this decision and concerned for our dedicated, brilliant colleagues,” the Guild wrote.
“Today’s announcement comes after at least 38 people were laid off over the last year.
“Hard-working Post employees are going to lose their jobs because of a litany of poor business decisions at the top of our company,” it added.
“We cannot comprehend how The Post, owned by one of the richest people in the world, has decided to foist the consequences of its incoherent business plan and irresponsibly rapid expansion onto the hardworking people who make this company run.”
These factors have led to an expected loss of around $100 million in 2023.