New York City Mayor Eric Adams is set to release a $109.4 billion budget with reduced budget cuts due to higher revenue projections, decreased spending on migrants, and more state aid than anticipated. The unexpected windfall of nearly $3 billion in additional tax projections has allowed the mayor to soften extensive budget cuts proposed last year, addressing concerns from New Yorkers upset by service cuts. The rosier budget projections could complicate Adams' pleas for more federal money to address migrants but deliver a political win to the City Council, which had pushed back on spending reductions.
The Washington Post is implementing significant staff reductions through voluntary buyouts after overspending during a period of rapid expansion and failing to meet revenue projections. The cuts, evenly distributed between the editorial and business sides, aim to address the company's financial situation and allow for necessary investments. Approximately 240 employees are eligible for buyouts out of the roughly 700 who received notices. The Metro staff is expected to be heavily affected, with a quarter of the team being trimmed. The buyout terms are more generous than previous restructuring efforts, with long-term employees receiving two years of salary and a year of health insurance coverage. The Post's growth under Jeff Bezos saw the newsroom staff increase from 580 to over 1,000, but after the buyouts, it will likely return to around 940 employees. The company's digital subscribers and overall digital audience have declined, contributing to an estimated $100 million loss this year. However, interim CEO Patty Stonesifer stated that Bezos remains open to investing more in The Post once a new publisher is hired.
Christmas Tree Shops, a popular retail chain in New England, has faced financial trouble and recently closed all 49 remaining stores. The company filed for Chapter 11 bankruptcy earlier this year but failed to meet revenue projections during store-closing sales. As a result, a U.S. Bankruptcy Judge converted the bankruptcy to a Chapter 7 liquidation and ordered a court-appointed trustee to ensure that employees are paid for their work. The closure has been described as a "complete breakdown," and the company must now sell off all remaining stores unless a last-minute buyer is found.
