Essence journal introduced on Tuesday it was furloughing a quantity of staffers and only having to pay their salaries by the conclusion of this week.
It is unclear the variety of staffers included or in what departments they get the job done.
In a push release on the Essence web site, the company mentioned it notified the impacted staffers on Tuesday and “will spend everybody impacted all through this 7 days and will address their medical positive aspects premiums all over the furlough.”
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The business additional that it expects the furloughs to very last less than 6 months.
“After a complete examination of our business enterprise and its financial posture and diligently exploring all selections for ongoing viability, we have designed the incredibly challenging decision to employ temporary steps to account for the ongoing substantial damaging impression of the pandemic, like furloughs,” the business reported. “While the small business was able to avert taking these kinds of actions all through the preliminary onset of the pandemic by using substantial private investments from ownership along with limited PPP funds, the extended circumstance and unforeseeable business enterprise now need us to acquire extra motion to guarantee the prolonged-phrase sustainability of (Essence Communications, Inc.).”
Essence is just the hottest media corporation compelled to employ cuts as a end result of COVID-19. Buzzfeed and Conde Nast went by rounds of cuts earlier this 12 months.
Browse unique tale Essence Journal Furloughs Staffers, Will Only Shell out Salaries for 1 7 days At TheWrap