St. Louis Business Journal Cuts Pay For Some, Freezes Salaries For Others
Staffers earning more than $35,000 at the St. Louis Business Journal were informed last week that they'd earn five percent less this year. Meanwhile, employees making less than $35K will not be eligible for raises.
The cost cuts are part of corporate-wide restructuring with North Carolina-based American City Business Journals (ACBJ), owner of the St. Louis Business Journal and similar weeklies in dozens of other U.S. cities.
According to a memo from ACBJ chairman Ray Shaw, the cuts are necessary to weather the worst economy in decades.
"The start of 2009 has been the softest stretch that ACBJ has had during the 20 years I have been involved with the company," said Shaw.