Sacramento Bee furloughs employees, offers loan to recoup lost pay—at 18% interest!

The Sacramento Bee’s publisher and president, Cheryl Dell, announced on Monday what many already knew was coming: furloughs.

Specifically, a majority of full-time Hive staffers will need to take a one-week, unpaid furlough by Thanksgiving week, or November 24.

“In the first quarter of this year, [The McClatchy Co.] said total revenue fell 4 percent from one year earlier,” reported Bee writer Dale Kasler.

Losing a week’s pay stinks, for sure. But fear not, Bee employees: McClatchy Co. has a plan for how to recoup that lost dough.

Sources at the Bee told SN&R that in a packet distributed to all staff, employees were given the option of taking out a credit-union loan as a way to make up for the lost income. This loan would have to be repaid in 90 days.

At an 18-percent interest rate!


SN&R was unable to confirm that the Bee is considering a name change to “The Sacramento Shark.”

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