GCI - Gannett launches austerity measures; suspends hiring offers separations

• Gannett ( NYSE: GCI ) has announced a series of austerity measures , including "voluntary severance" and mandatory time off, as the company struggles with "truly challenging times," The New York Times says.
• "The company continues to face headwinds and uncertainty from the deteriorating macroeconomic environment which has led the executive team to take further immediate action," CEO Mike Reed says in a memo to staff seen by NYT.
• Those measures include suspending company matches for contributions to 401((k)) plans; pressing employees into five mandatory unpaid days of leave in December (between Dec. 19-30); and an offer of severance to employees in exchange for a voluntary resignation and signed agreement.
• The company will also "cease overall hiring with the exception of key revenue and operating roles as well as positions deemed critical."
• Gannett stock ( GCI ) closed the regular session down 0.7% ; it's up 3.4% after hours.

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