Nine of the 16 Guild-covered employees who applied for the buyout have had their offers accepted.
Of the nine, seven work in the editorial department and two in advertising.
While the Company has informed the employees of their selection, the workers have 45 days from when they are given the release to decide whether to take the buyout or decline.
Once an employee signs the buyout agreement, that person then has 7 days to rescind it. After that, the agreement is complete. Employees who get the buyout are expected to leave by year’s end.
A few non-Guild employees are also leaving and will be counted toward the Company’s stated goal of 10 to 15 staff reductions. We don’t yet know how many.