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When a Company Starts Messing With Pension Plans It’s Usually A Warning Sign Of Financial Problems, But This Is Gannett, The Largest US Publisher, Surely Things Can’t Be So Dire There?
Philip Stone June 13, 2008
Gannett made headlines twice this week and neither were good news items. It first announced a $2.3 billion (yes, billion) non-cash assets write-down, primarily the declining value of its Newsquest UK regional newspaper group, and later it shocked employees by messing with their pension plans resulting in the company saving around $30 million next year.
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