A report on the Arkansas Business.com Web site said President and CEO Sherman R. Frederick made the announcement in a January 31 letter to employees.
Frederick said the suspension of the match of up to 3% was effective immediately and would last for the rest of the year, according to the report. Frederick also announced a wage freeze for all publishers and managers.
“I take this step reluctantly, but it is necessary in order to help us maintain the financial health of the company,” Frederick said in the employee letter, according to the report.
Frederick added that the company’s newspapers “have been significantly affected” by “an uncertain and challenging time” in the industry.
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