'Sunday Business Post' cuts costs
Staff at the 'Sunday Business Post' newspaper have been told that the publication will seek to reduce costs by introducing measures such as extended unpaid leave and part-time working.
The newspaper's chief executive, Fiachra O'Riordan, addressed staff yesterday and told them that financial targets had not been met in 2011.
Measures such as extended unpaid leave could be introduced in order to reduce payroll costs, it's understood. Career breaks may also be made available. Interest in voluntary measures are likely to determine the extent of any further possible pay cuts.
The newspaper is owned by Cork-based Thomas Crosbie Holdings, the publisher of the 'Irish Examiner'.
TCH made a pre-tax loss of €6.4m last year.
Late last year the 'Sunday Business Post' put the newspaper's website behind a paywall. Its circulation in the January to June 2011 was 47,849, according to the most recent ABC figures, down from 57,783 in the same period in 2009.