PLEASANTVILLE, N.Y. (AP) – Reader’s Digest Association Inc. says it will cut about 280 jobs, or 8 percent of its global work force, and implement other cost-cutting measures.
The job cuts will leave the Pleasantville, N.Y., magazine with about 3,220 full-time employees.
The company’s “Recession Plan” also calls for asking employees to take some unpaid time off through fiscal 2010 and suspending matching contributions to retirement plans.
Reader’s Digest said Wednesday that it plans to book a charge against its earnings in its fiscal third quarter to reflect the cost of the job cuts. The company noted it expects to proceed with previously announced new-product launches and other ventures.
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