This week will go down in history as one of the worst weeks for radio, thanks to the coronavirus. It’s a scenario playing out across every industry on an almost daily basis now. Companies, big and small, are making painful, unavoidable decisions, doing everything they can to stay alive as commerce in the United States comes to a grinding stop.
The company announced that 67 positions across the company have been eliminated. Another 18 full-timers and part-timers were furloughed and all remaining full-time employees will have their hours reduced from 40 to 36.
The hope is to bring the furloughed employees back, and bump full-time hours back to 40, at the end of the second quarter (June 30). But without knowing when this crisis will end that can only be a hope at this time.
CEO Caroline Beasley will also take a 20% pay cut, which we reported on last week. In making the announcement, Beasley said, “These are very difficult decisions. We are confident that the steps we take today will allow us to continue to serve our clients, communities and ensure our company will emerge stronger once the crisis abates.”
The number of coronavirus-related deaths in the U.S. topped 4,000 on Tuesday night as the White House coronavirus task force said it projects 100,000 to 240,000 deaths from the virus and millions infected in the country.