THOMAS Crosbie Holdings (TCH), the Cork-based media group, is looking for voluntary redundancies at its Sunday Business Post title.
"What we have said to people here is we want to engage in a voluntary cost-reduction process," Sunday Business Post chief executive Fiachra O'Riordan told the Sunday Tribune. He would not comment on losses at the newspaper itself, which are rumoured in the industry to be running at about €2m per annum. The company employs about 70 people.
"Our results are always embedded in the TCH group results. We don't comment on the individual performance," O'Riordan said.
As reported elsewhere last week, the newspaper's employees will also be offered the option of career breaks and alternatives such as job sharing and changes to their working week in a bid to reduce costs. At least one member of staff has changed his job at the newspaper in recent months.
It is understood that TCH managing director Anthony Dinan briefed union representatives last week that the company was seeking further cost cuts from its other titles including the Irish Examiner and Evening Echo.
TCH last year offered staff at the two titles the option to take a two- or three-year career break in return for payments of between €20,000 and €30,000. Those terms are now being offered to Sunday Business Post employees. The most recent results from TCH show it made a pre-tax loss of nearly €2.5m in 2008 from a year-earlier profit of €11m on turnover of €106m.