Spiraling Gannett, Owners of the Projo, Offloads $450M Pension Obligations
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Sunday, August 28, 2022
Stock Drops 68% From 52-Week High https://www.golocalprov.com/business/spiraling-gannett-owners-of-the-projo-off-loads-450m-pension-obligations
The stock of the company has plummeted, and the company is implementing major layoffs.
The Gannett stock has plunged from a 52-week high of $7.05 to a Friday close of $2.20 — a 68% loss in value.
According to numerous media sources, including Poynter, the company is laying off 400 or more and the staff cutting has hit the Providence Journal — a newspaper that has been decimated by layoffs, buyouts and forced retirements over the past decade.
In recent weeks, the Providence Journal slashed its community calendar and the business feature - people on the move. GoLocal has filled the void and is now publishing both features.
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