Friday, February 22, 2013

Michigan Dailies Bracing for Massive Layoffs in April

The Macomb Daily
(Photo credit: Wikipedia)
Unless new owner 21st CMH Acquisition Co. retains them, more than 840 Journal Register Co. workers, including 131 editorial staffers, could lose their jobs in April, the Michigan Live ( blog reports.

Four dailies, including the (Royal Oak) Daily Tribune, The Macomb Daily, The Oakland Press and The (Mount Pleasant) Morning Sun, along with numerous weeklies statewide, are part of the beleaguered Journal Register Co. ("JRC") stable.  For the second time in four years, the media conglomerate last September filed for bankruptcy court protection.

The Yardley, Penn.-based JRC, which is owned by New York-headquartered Digital First Media, reportedly was acquired for more than $122 million by 21st CMH Acquisition Co., an Alden Global Capital LLC affiliate. Michigan Live reported that JRC outlined in a letter to Michigan's Workforce Development Agency its plan to terminate its personnel sometime in mid-April when 21st CMH is expected to complete its acquisition.

Reportedly, JRC is urging the new owner to rehire the staff it is cutting loose, but the final decision regarding how many of the 840-plus workers are retained rests with CMH Acquisition Co.
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