Dec 2 (Reuters) - New York Times Co:
* Says to record $48MLN-$53MLN in costs in connection with closing city &
suburban distribution organization
* Says about 530 fulltime equivalent employees to be affected by closure-filing
* Says will provide severance packages to them
* Says costs consist of about $30MLN for staff cuts and $14 million charge
related to above-market operating lease agreements
* Says remaining costs for transition, accelerated depreciation, funding of
union pension plan
* Says most costs to be recorded by end of 2008 fiscal year, with remainder in
Q1 2009
* Says negotiating sale of city & suburban location, timing of sale not known
* Says expects closure to improve results by about $30 million on annual basis
((New York Equities Desk; tel: +1 646 223 6000))
(For more news about New York Times Co click here:) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Says to record $48MLN-$53MLN in costs in connection with closing city &
suburban distribution organization
* Says about 530 fulltime equivalent employees to be affected by closure-filing
* Says will provide severance packages to them
* Says costs consist of about $30MLN for staff cuts and $14 million charge
related to above-market operating lease agreements
* Says remaining costs for transition, accelerated depreciation, funding of
union pension plan
* Says most costs to be recorded by end of 2008 fiscal year, with remainder in
Q1 2009
* Says negotiating sale of city & suburban location, timing of sale not known
* Says expects closure to improve results by about $30 million on annual basis
((New York Equities Desk; tel: +1 646 223 6000))
(For more news about New York Times Co click here:) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.