The Neue Zürcher Zeitung (NZZ) daily newspaper has announced plans to reduce its workforce due to the slump in advertising revenues.This content was published on June 22, 2002 - 17:19
In its Saturday edition the NZZ said it would have to cut costs, as the current situation on the advertising market was unlikely to change in the near future.
They compared the sharp fall in advertising revenues with the general downturn following the oil crisis in the 70s.
In the article the management explained that reducing the workforce was one of their cost saving strategies, however, they would try to minimize redundancies by encouraging early retirement and not replacing leaving staff.
The article dubbed "NZZ's strategy in times of advertising depression" did not specify how many employees would have to be made redundant, but the paper stressed it would do its utmost to meet its obligations stipulated in the contract.
The management said further the paper was coping relatively well with the current downturn and the rising number of NZZ subscribers was a good reason to be optimistic for the future.
They also said the better-than-expected sales of the "NZZ am Sonntag", the Sunday version of the paper that was launched earlier this year, strengthened their optimism.
swissinfo with agencies
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