In 2006, this blog hired no one. But we also did not have to restructure and lay off anyone either.
(disclosure: we are not a company and their is only one person who blogs here…me. I am the marketing department, the news department, the sports department, the editorial department, the financial department, etc.)
But TorStar Corporation, the parent company of the Toronto Star newspaper, announced they would be restructuring and laying off about 85 employees. The cause, according to local radio, was lower revenues from advertising.
TORONTO, ONTARIO – December 20, 2006 – Further to the formation of the Metroland Media Group and the Star Media Group, Torstar today announces that its newspaper division has undertaken a combination of voluntary and involuntary restructurings which will result in a net reduction of approximately 85 positions. Torstar expects that the restructuring charge, which will be recorded in the fourth quarter, will be approximately $11.0 million. The savings associated with this initiative are expected to be in the range of $5.5 million annually.
This tidbit is meant to be a bit of inspiration for all you bloggers out there. The MSM is taking their hits and it is showing.