By paulgillin | September 21, 2007 - 5:26 am - Posted in Newspapers

In commenting on a 9.2% drop in ad revenue in August – including a stunning 25% plunge in the profitable real estate classified business – McClatchy CEO Gary Pruitt said, “We are working hard to mitigate the impact of revenue declines by exerting strong cost discipline…We are making progress on reducing debt in the third quarter and will continue to focus on de-levering our balance sheet.”

I tried to find a definition for “de-lever” but all I could come up with is this entry on Wikipedia. It apparently has something to do with liver, but my Dutch isn’t too good.

In any case, I doubt Pruitt was looking to offal to solve the company’s problems. My guess is that he plans to de-lever some pink slips soon

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