Employers Rx LLC
December 12, 2008
Another ominous headline. This one from the Washington Business Journal. Simply a sign of the times. It feels very much like the early 80's. Do you remember the oil embargo, odd and even days, rationing? Jimmy Carter was out, Ronald Reagan was in. Reagan broke the backs of the unions when he fired the air controllers. He brought in Paul Volker to wring out inflation, partially caused by high oil prices. He did it by ratcheting up interest rates which sent a slowing economy into a tailspin.
The saying then was "if you had a job you were in a recession, if not, it felt like the depression".
Washington Business Journal
by Jeff Clabaugh Staff Reporter
Hundreds of jobs have been cut at a company that is supposed to help people find jobs.
Job posting Web site CareerBuilder has slashed 300 jobs, or about 15 percent of its workforce, according to the Chicago Tribune. The cuts were across the board, but mostly in its small business segment, the Tribune reports, citing chief marketing officer Richard Castellini.
The cuts took place last week, the newspaper reported. (Happy Holidays)
CareerBuilder is majority-owned by Gannett Co. Inc. and Tribune Co., both companies that have struggled with dropping advertising revenue at their publishing businesses. Gannett has responded by cutting hundreds of jobs this year. Tribune this week filed for Chapter 11 bankruptcy protection.
“When we forecast our business for 2009, the growth rates we had anticipated weren’t going to be in line with where we were currently seeing the business,” The Tribune quoated Castellini as saying about the job cuts at CareerBuilder.
Gannett (NYSE: GCI) upped its stake in CareerBuilder earlier this year to 50.8 percent, buying part of Tribune’s interest for $135 million. Tribune still holds a 30.8 percent stake. Publisher McClatchy Co. (NYSE: MNI) and Microsoft (NASDAQ: MSFT) are minority owners.
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