The owner of a Lichfield newspaper has confirmed plans to introduce a 10% pay cut as well as furloughing staff during the coronavirus crisis.
Reach PLC, which owns the Lichfield Mercury, has outlined plans to reduce its costs as advertising falls during the COVID-19 outbreak.
In a statement, the company said the new measures were needed to help the company navigate the current outbreak.
“There continues to be uncertainty around the severity and length of the crisis and the resulting impact on Reach in terms of advertising, print circulation and events.
“As a result Reach has suspended guidance for the financial year 2020 and beyond.
“However, we have taken a number of cash conservation measures including removal of discretionary spend, appropriate renegotiations with suppliers, cancellations of orders and negotiated payment delays.
“Further to this we are announcing a number of new cost mitigation measures. All of these actions will be subject to ongoing review in the light of the crisis and its continued impacts or any improvement in the current environment.
“We will also be communicating with Reach employees regarding a 10% pay reduction – while ensuring no employee falls below Living Wage – and for 20% of Reach colleagues to be furloughed under the Government’s Coronavirus Job Protection Scheme in the UK.”
Reach PLC spokesperson
