Don't Trib Over Yourself on the Way Out

Image via WikipediaExpect in mid-February to see more empty chairs in the Chicago Tribune newsroom as the embattled daily this week offered an unspecified number of voluntary buyouts, with all but senior editorial management eligible to apply, the paper reported Monday.

Whether applicants will receive a buyout depends on numerous factors, such as seniority, business goals and staff depth at various positions. Those accepted will receive two weeks base pay for their initial year of service and an additional week's pay for each year of service over and above that, according to the Tribune article. Career counseling and outplacement services also will be available to those who accept buyouts.

Currently mired in a three-year-old bankruptcy from which it is unlikely to emerge before the Third Quarter of 2012, Tribune management has not ruled out the possibility of layoffs even after the voluntary buyout program.