By CCT STAFF
McClatchy stock dropped 65 percent on Friday, two days after the SLO Tribune’s parent company reported a net loss of $304.7 million in the third quarter of 2019.
McClatchy’s stock closed at 49 cents on Friday, its lowest price to date. With approximately $700 million in debt, the company is unable to pay $120 million in pension obligations due in 2020.
In September, the New York Stock Exchange placed the company on notice that if it did not reverse its declining stock prices, that it would be delisted. McClatchy’s total revenues for the first three quarters of 2019 were down 11.4 percent compared to the first nine months of 2018.
As part of a downsizing of the newspaper’s operation, the SLO Tribune moved to a smaller office in April. A few weeks ago, the SLO Tribune stopped printing a Saturday paper.