Thursday, July 21, 2011

Layoffs at the Arizona Daily Star

Posted By on Thu, Jul 21, 2011 at 2:56 PM

The long-standing financial woes of Lee Enterprises trickled down to the Arizona Daily Star, and in a big way. The Star laid off about 20 people Thursday morning, in the process gutting its marketing department and taking a major swath to the news department.

The Weekly has learned the list of layoffs includes Shelley Shelton, Sarah Trotto, Fred Araiza, Angela Pittenger, Dave Skog, Dan Sorenson, Scot Skinner, Jeff Jackson and John Ames.

Lee, based in Davenport, Iowa, has been in the midst of major money woes for the last few years. It is in the process of attempting to realign a massive debt payment due in April of 2012, but has refused numerous options involving junk bond proposals in hopes of a better deal. If the company can’t come to terms, bankruptcy looms as a very real option. Sources involved in Lee negotiations suggested that possibility was on the table as a result of meetings with creditors
that have occurred over the course of the last two weeks.

Lee stock has tumbled from near three dollars in March to under a dollar in July. On July 8, the New York Stock Exchange warned Lee that delisting looms if it can’t consistently get its stock price above one dollar in the next six months.

Tags: , ,

Comments (16)

Showing 1-16 of 16

Add a comment

 
Subscribe to this thread:
Showing 1-16 of 16

Add a comment

Previously in the Range

More by John Schuster

  • Media Watch

    This is the final Media Watch column in the Tucson Weekly. Thanks for reading.
    • Sep 15, 2016
  • Media Watch

    Last week in Chandler, Bob Richardson was arrested for allegedly soliciting male masseuses at his residences, and then using hidden cameras set up in the locations to view the footage again later.
    • Sep 1, 2016
  • Media Watch

    It's no secret media, like a lot of industries, has endured its share of major changes due to transitions in the technological landscape. Many folks who run large media conglomerates are getting paid handsomely to devise strategies that best implement ways to maximize a shrinking bottom line.
    • Aug 18, 2016
  • More »
Today | Tue | Wed | Thu | Fri | Sat | Sun
Meditation and Buddhist study

Meditation and Buddhist study @ Sky Island Zen

Mondays, Saturdays

All of today's events | Staff Picks

Staff Pick

Tucson Songwriters Showcase

A showcase of 9 different singer/songwriters every month who play 4 songs each in a round robin… More

@ Monterey Court Third Thursday of every month, 6:30-9:30 p.m. 505 W. Miracle Mile

» More Picks

Submit an Event Listing

Popular Content

  1. Laughing Stock: Rainbows, Unicorn Farts and Fairy Dust (The Range: The Tucson Weekly's Daily Dispatch)
  2. Know Your Product - Arm's Reach (The Range: The Tucson Weekly's Daily Dispatch)
  3. Claytoon of the Day: Go Back Where You Came From (The Range: The Tucson Weekly's Daily Dispatch)
  4. A Title IX Pep Assembly (The Range: The Tucson Weekly's Daily Dispatch)
  5. Keeping Pets Cool When the Weather Gets Hot (The Range: The Tucson Weekly's Daily Dispatch)

© 2019 Tucson Weekly | 7225 Mona Lisa Rd. Ste. 125, Tucson AZ 85741 | (520) 797-4384 | Powered by Foundation