Tuesday, Oct. 28, 2008 | 2 a.m.
The Las Vegas Review-Journal, citing the bad economy, is offering buyouts to between 50 and 100 employees to reduce payroll costs.
In a memo distributed to the Review-Journal’s staff Monday, publisher Sherman Frederick said cutbacks are necessary because, despite the newspaper’s circulation gains, ad revenue has fallen in the face of the local and national economic downturn.
“I wish we did not have to take this step,” Frederick wrote. “But, after much thought, I believe it is necessary and prudent in view of economic conditions.”
In a response to a Sun query, Frederick declined to comment on whether any specific departments were being targeted, how many newsroom staffers the paper might lose or how many employees the newspaper has.
The memo said Review-Journal employees have until Friday, Nov. 7, to apply for the buyouts. There is no mention in the memo of any future layoffs.
Any full-time employee who has worked for the Review-Journal for more than one year is eligible for the buyout. Employees are offered one week of severance pay for every six months of work. Severance pay is capped at 24 weeks, which means no more than 12 years of work will count toward an employee’s buyout. The Review-Journal will cover an employee’s health insurance premiums for one year.
In the memo Frederick said the buyouts will be considered on a first-come, first-served basis. He also said, however, that some employees who are in critical positions will not be eligible for buyouts.