Flurry of activity which includes outsourcing the accounting and financial backoffice to India and a buy-out that went too well.
McClatchy continues to try to find savings as revenues remain in peril. Citi Investment Research yesterday initiated coverage with a “Sell” rating on MNI. The outsource move would no doubt be intended to show Wall Street that the company is getting yet leaner.
And getting leaner was the goal of a recent “voluntary” buy-out push on Tryon which targeted 70 or so positions. Trouble was hundreds reportedly signed up, resulting in an uncomfortable game of life-boat for the paper’s management.
The upshot is that some wanted out, didn’t get out, and probably still want out. Not good.
