The State, South Carolina’s largest newspaper, said Tuesday it would cut 11 percent of its workforce – 38 positions – and implement wage reduction of between 2.5 percent and 10 percent for the rest of its employees.
Among those laid off were longtime editorial page editor Brad Warthen.
Nine newsroom employees were laid off and others could see their hours reduced, executive editor Mark Lett said in a story that appeared on the paper’s website Tuesday afternoon. The names of the affected newsroom employees were not released, the paper said.
This marks at least the third round of job eliminations at The State. The sad thing is, the paper remains profitable, but has been dragged down the financial struggles of its parent company, McClatchy.
Monday, Sacramento-based McClatchy said it would cut about 1,600 jobs companywide – about 15 percent of its workforce. Besides The State, McClatchy owns the Charlotte Observer, Raleigh News & Observer, Myrtle Beach Sun News, Rock Hill Herald, Hilton Head Island Packet and Beaufort Gazette.
McClatchy’s other SC operations are feeling the pinch, as well, The State said.
- The Rock Hill paper axed six position, cut wages 2.5-10 percent and transferred its printing operations to Charlotte.
- Myrtle Beach laid off 20 employees and reduced wages 9.1 percent, effective May 4. An additional 58 positions were eliminated with the transfer of its printing operations to Charleston.
- The Hilton Head and Beaufort papers eliminated 17 positions, including eight open posts. The papers reduced pay for all employees.
Confederate era-money issued by the Bank of the State of South Carolina is being auctioned on eBay by the SC Department of Archives and History under the guise of “surplus property.”
The currency ranges from $5 and $10 bills to fractional currency, including notes as small as 5 cents. Bidding on some items ends today, while others last into next week.
The currency features national and South Carolina historical figures. The five-dollar note, for example, features portraits of South Carolina US Senator John C. Calhoun.
The four-dollar note features Fort Moultrie in the center and portraits of SC Governor Robert Hayne and SC Congressman Langdon Cheves, who served as speaker of the US House of Representatives.
For those interested, here are some of the terms listed for the eBay auction:
“This sales is being conducted for the purpose of disposing of Surplus Property no longer useful to the State of South Carolina.
“All Property Is Sold As Is And Where Is.Some items may be broken, worn badly, or missing parts. The State of South Carolina makes absolutely no warranty of any items sold. We will provide the best description possible for each item. The winning bid shall be considered an agreement to buy and is final.”
Surplus property, eh? Seems like the state decided to wait an awful long time before letting go of the Confederate-era currency. Was it expecting the money might come become legal tender again, or is it just so backlogged that they’re finally getting around to selling off stuff from a century-and-a-half ago?
Provident Community Bancshares enjoyed the ignominious honor of being Nasdaq’s biggest percentage price decliner Monday, falling more than 40 percent.
The Rock Hill-based parent of Provident Community Bank fell $1.02 a share to close at $1.50. Provident is now off more than 90 percent from its 52-week high of $18.20.
Last month, Provident announced that it had lost $1.4 million during fourth quarter 2008. By comparison, Provident earned $213,000 during fourth quarter 2007.
For all of 2008, Provident lost $397,000, compared with a profit of $2.2 million for the same period in 2007.
Provident saw its non-performing assets jump sharply during 2008, from $3.2 million to $16.7 million, with bank officials attributing the increase to the downturn in the residential housing market.
The company cut its quarterly dividend sharply, from 11 1/2 cents a share to 3 cents a share, it announced in February.
Provident also announced in February that it had received preliminary approval to receive more than $9 million in bailout funds from the federal government.