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Fisher announces impending layoffs
Friday, August 31, 2001
SEATTLE POST-INTELLIGENCER STAFF
Employees of Seattle-based Fisher Communications Inc. were told yesterday to expect layoffs as the company tries to cut expenses by 10 percent next year.
Citing a severe drop in advertising revenue and a more-competitive media environment, Fisher CEO William Krippaehne Jr. said the cost-cutting will affect all areas of Fisher's business as it continues a restructuring begun earlier this year.
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Since selling its flour-milling business in April, Fisher's principal focus has been broadcasting, with a smaller concentration in real estate development and management. The company changed its name from Fisher Companies to Fisher Communications in March.
About a thousand of Fisher's 1,100 employees work at 12 television and 26 radio stations, mostly in the Northwest. About a quarter of that number work at the company's flagship station, KOMO-TV.
Though revenue from its Fisher Properties real estate division has increased, revenue from Fisher's much larger broadcasting operation is off more than 20 percent this year.
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