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Exclusive: Punch newspaper lays off 100 staff over coronavirus economic frustration

By Monsuru Olowoopejo
Atleast 100 staff of Punch Nigeria Limited, publisher of Punch newspaper, may from tomorrow, Sunday, begin to search for new jobs after the media organisation relieved them of their duties.
The action, according to sources, was said to have been taken by Punch following the impact coronavirus outbreak left on the world economy which had reduced the inflow of daily adverts to the organization.
As gathered, each staff was said to have been handed their letters which contains the management stance and reasons for the action.
Before the staff were laid off, the company, after several days of deliberations recently, rested its sports publication, Punch Sports Extra, and claimed that the effect of the deadly respiratory disease, COVID-19, on sporting activities worldwide was responsible for the action..

Also, the Managing Director of organisation, Ademola Osinubu, had in a memo hinted possible action to be embraced by the organisation while raising concerns on how the pandemic crippled the company’s plan for the year.

The memo reads: “Before the pandemic, the company’s broad reengineering plan was well underway. The pace of implementation will increase to complement the recent proactive measures that the company has put in place to mitigate the impact of the pandemic on our health and operations.

“ In the days ahead, the company will be exploring additional ways to keep our business afloat and thriving. While we do so, we shall take due cognisance of the interest of staff, the threats to our industry, and the tremors within the Nigerian economy.”

” However, one thing is certain: the company will have to adjust all facets of its operations to reflect the realities of these trying times. Such adjustments are imminent and inevitable,” Osinubu added.

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