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A. H. Belo Corporation
Voluntary Severance Program Is Completed
September 19th, 2008
A. H. Belo Corporation (NYSE:AHC) said that the voluntary severance offer (VSO) extended to the Company's newspaper employees in July has been completed. Overall, 413 employees will leave the company under the VSO -- 270 at The Dallas Morning News, 23 at The Providence Journal, and 120 at The Press-Enterprise. The total cost of the VSO is approximately $11.2 million, the majority of which will be expensed in the third quarter. In addition, an involuntary reduction in force will be completed by mid-to-late October to achieve the necessary remaining workforce reductions. The expense related to the reduction in force is estimated at $2.4 million and will be recorded in the...
Source: Health Business Week (2008-09-19)
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