Le Monde annouces job cutsPosted Apr 19 2008
French Newspaper, Le Monde, proposed 130 job cuts, mostly in the newsroom, to curtail financial losses in a staff meeting April 4th.
Losses for 2007 were reported at 20 million euros, adding to a total debt of 150 million euros, according to Reuters.
Le Monde hopes to get back in the black by 2010. The plan includes voluntary redundancy and forced layoffs, Chief Executive Eric Fottorino wrote in a public statement on Le Mondeís web site.
Unions have deemed the planned cuts unacceptable. Groupe Le Monde journalists have a blocking stake in the company and are able to veto the vote. If vetoed, financial relief would come from media conglomerate Lagardere, weakening holdings.
Daily circulation of the afternoon paper was estimated at 310,000 in 2007, higher than in 2006, but still short of generating profit.