A visit to the Post-Star’s Saratoga Springs bureau early Friday afternoon revealed it was dark and not staffed.
Commentary seen on the Internet late this week questioned whether the Post-Star was discontinuing coverage of Saratoga Springs and environs, considering the daily newspaper laid off one-third of its entire staff of news reporters this week.
Photo by Thom Randall.
Lee Enterprises went through Chapter 11 bankruptcy proceedings several months ago, although the top company officers had earlier assured investors it wouldn’t happen and the company had a financially solid future. Lee’s stock has fallen from a high of nearly $50 per share to its present range of 62 cents to $1.45. As of Friday, the closing price was $1.28.
When the stock price was in the $35-to-$45 range, Lee Enterprises had enticed its employees, including Post-Star workers, to invest in the shares.
The last substantial layoffs at the Post-Star occurred in March 2009, and at that time, the Post-Star printed a news release and answered questions about the staff reduction.
In the 2009 staff-cut announcement, Emanuel had noted the declining economic conditions as a factor.