RBI Freezes Salaries, Cuts 7 Percent of Workforce
Reductions follow company-wide reorganization.
Reed Business Information today said that it has reduced its overall workforce by 7 percent in association with the company-wide reorganization it announced last week. In addition, the publisher has instituted a hiring and salary freeze for 2009.
The layoffs and salary freeze are â€śin response to the impact tough economic conditions,â€ť a spokesperson wrote in an e-mail to FOLIO:. â€śIf the financial outlook materially improves in subsequent quarters, the company will revisit its decision.â€ť
According to the New York Times, one of those laid off is Publishers Weekly editor-in-chief Sara Nelson. The RBI spokesperson declined to comment on specific layoffs.
Last week, RBI reorganized into market-focused groups: business media, entertainment, construction and BuyerZone, a lead generation business. The reorganization, RBI said, was a result of Chicago division president Jeff Greischâ€™s announcement that he is leaving the company at the end of the first quarter.
A company spokesperson declined to discuss layoffs at the time of the announcement.