Posted by chicagomedia.org on March 18, 2009 at 11:54:01:
Crain's Chicago Business reduces pay, staff
Crain's Chicago Business moved to eliminate three positions Tuesday with remaining staffers told in an e-mail from Crain Communications Chairman Keith E. Crain that they will be subject to a company-wide 10-percent pay-cut, sources said.
A spokeswoman for parent Crain Communications would not corroborate the specific cost-cutting moves. The private business publishing company, however, did confirm cutbacks -- including an unspecified number of job eliminations -- had been made at many of its titles to offset effects of the global economic downturn.
"There is no cookie cutter solution that works for every title and every market," Chairman Crain said in a statement. "Decisions were made publication by publication, department by department, to cut expenses to match declining revenues."
Crain Communications earlier this month announced it was shutting down Automotive News Europe, Business Insurance Europe, RCR Wireless News and the financialweek.com Web site.
"We hope the economy stabilizes soon," Crain said. "Our ability to implement these difficult decisions now will prepare our most robust brands for the future."
Detroit-based Crain Communications' portfolio includes more than 30 business-to-business newspapers, magazines and digital products.
(Phil Rosenthal, Chicago Tribune)