NYTCo. Cuts 550 Jobs As It Exits The Wholesale Delivery Business

(PaidContent.org)  This story was written by David Kaplan.

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In another sign of the ailing print business, the New York Times Co. is closing down its metro distribution center and with it, cutting 550 jobs. The center, called City & Suburban, handles delivery for the NYT and approximately 200 other newspapers and magazines to newsstands and retail stores in the New York area. The decision to exit the wholesale distribution business since the NYTCo (NYSE: NYT). formed it 16 years ago was pinned on changing economic conditionssuch as the migration of readers and ad revenue to online and the higher cost of fuel. Local delivery will now resemble the NYTCo.'s national distribution, which is handled by outside companies. Release