By: (AP) Journal Sentinel Inc., which publishes the
Milwaukee Journal Sentinel, has offered early retirement to employees 54 and older as it attempts to cut its work force because of declining revenue and profits.
The possibility of layoffs was still on the table, according to company president Keith Spore. "The hope will be that it will be wholly through voluntary means, but there are no guarantees that we can accomplish that," Spore said.
Revenue totaled $168 million for the first three quarters of 2001, a decline of 8% from the same period last year. Pretax earnings dropped 42%, to $18 million, partly because of one-time costs associated with work force reductions earlier this year.
"Revenue this year was far short of our goals, and we are expecting another $8 million-plus decline in revenue next year, so we have to adjust expenses accordingly," Spore said.
About 125 people qualify for the early retirement offer, he said.
Journal Sentinel has about 1,170 full-time employees.
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