Just to give you an idea of the anxiety hanging over their weekend, Star Tribune employees left the building Friday hoping for the best, but expecting the worst from announcements scheduled for 3 pm Monday, (tomorrow).
Operating as per usual with little to no information, rumors were that new owners Avista Capital Partners, via their hirelings, editor Nancy Barnes and/or publisher Par Ridder, would reveal their need for new staff reductions, beyond those taken in the voluntary buy-outs of late February.
The most repeated rumor — rumor, I say — had Avista requiring 60 positions out of the newsroom and 200 company-wide. As draconian as that sounds, many other similar-sized papers have seen as much in recent weeks, as owners slash staff well ahead of revenue declines in order to assure investor profits through the near-term.
A second rumor had Avista fattening up the previous standard buy-out offer of two weeks for every year served up to a maximum of 40, up to a maximum of 52, with maybe some lingering medical benefits.
It is not known if Mr. Ridder will take the buy-out offer.
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