Detroit—Reacting to the global economic downturn and weakness in the advertising business, Crain Communications Inc. Tuesday announced layoffs at many of its more than 30 media properties, as well as an across-the-board 10% salary cut.
On March 5, Crain announced the closing of Automotive News Europe, Business Insurance Europe, RCR Wireless News and financialweek.com.
“We hope the economy stabilizes soon,” said Keith E. Crain, chairman of Crain Communications Inc. “Our ability to implement these difficult decisions now will prepare our most robust brands for the future. Our goal is to emerge from this recession as an even stronger company as we begin to look forward to our 100th anniversary in 2016.”
The company declined to release the number of staff reductions.
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