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.