The Irish Times is seeking 250 redundancies from its 710 staff to address financial difficulties. The company told staff yesterday it was forecasting a group operating loss of £2 million this year, and that failure to cut costs would result in losses of £17 million next year.
The unions in the company are consulting members over the next few days and are due to meet on Monday to consider their response. The chairman of the union group, Mr John White, said it would "not accept compulsory redundancy for any employee".
Earlier, senior executives of the company, including the chairman of The Irish Times Ltd, Mr Don Reid, the commercial director, Ms Maeve Donovan, the director of human resources, Mr Michael Austen, and the editor, Mr Conor Brady, met union and staff representatives to explain the background to the job cuts.
Mr Brady said notwithstanding the cuts, the newspaper's "character and ethos" would remain the same. It would "remain independent of all external interests, primarily concerned with serious issues. It would continue to provide the most comprehensive news coverage and most informed opinion and analysis."
Unions in the company are demanding full financial disclosure before deciding their stance.
A SIPTU spokesman said, "We found it incredible that management was totally unprepared for this alleged crisis. We are completely opposed to compulsory redundancy and along with the group of unions are making arrangements for the earliest and widest investigation of the company's financial position."
After a heated debate, the NUJ chapel passed a motion condemning "the mismanagement responsible for the purported financial crisis". The union said it would oppose compulsory redundancies.
The company has targeted 250 redundancies to achieve savings of £10 million annually and hopes to cut another £7 1/2 million from non-wage operating costs. It hopes to begin its redundancy programme by the end of January.