Davenport-based Lee Enterprises Inc., which owns 49 daily newspapers including the Quad City Times, the Sioux City Journal and the Mason City Globe Gazette, announced yesterday that it was laying off 39 employees at the St. Louis Post-Dispatch.
The news follows earlier reports that the company’s average share value has fallen below $1 per share over the last month, which means it could be de-listed from the New York Stock Exchange.
The threat of de-listing comes as the beleaguered publisher struggles to avoid defaulting on its debt – including a $306 million payment set to come due in April.
There have been no announcments of job cuts at any of Lee’s Iowa papers.