Post subject: i think the company i work for is close to collapsing
Posted: Wed Jan 21, 2009 5:57 am
Landry
Joined: Sun Oct 17, 2004 12:50 am Posts: 11842
i work at a newspaper owned by freedom corp., which is one of the many newspaper chain companies dying an increasingly rapid and painful death, and i just read this from a guy in the know:
Quote:
Anyway, I'm told quite reliably that Freedom Communications owes a payment on a 900-mil loan - and can't make it. Layoffs coming chain wide on Monday. There's talk of cutting circulation areas. Trying to sell the OC Register.
Freedom was family-owned until a family feud a few years back. In 2003, the family members that did not want to sell got two private equity companies to buy out the family members that did want to sell.
Now the bills come due. That leaves us with these chilling words from Dean Singleton, whose bid to buy Freedom was rejected in 2003:
"I'll be back in three years, buying the company from Blackstone, for a lot less."
and then (in a completely unrelated incident im sure) i remembered i'd just gotten an email earlier today from HR: "we're having a town hall meeting this thursday in the conference room at 4:30." and im the new guy.
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