The new owner of the Reading Eagle plans to retain more than half of Reading Eagle Company's (REC) employees, the Reading Eagle reported. Denver-based MediaNews Group, which is buying the company for $5 million, made offers of employment to 125 employees, and 111 accepted the offers, Reading Eagle company officials said Thursday. As of June 13, REC had 195 employees, officials said. When the company filed for bankruptcy in March it had 236 full-time and 20 part-time employees. The employees who did not receive offers from MNG and those who rejected offers will likely be laid off by REC when the sale is finalized — scheduled for June 30 — unless they voluntarily retire or resign before then, officials said. A Worker Adjustment Retraining Notification, or WARN, notice filed with the state Department of Labor and Industry indicated 81 employees will be laid off, but company officials said that number now is 84. If any other changes occur, a final WARN notice will be filed prior to closing. The company filed for Chapter 11 protection March 20, citing an untenable financial situation and a large amount of debt. MNG, which also does business as Digital First Media, was the lone qualified bidder. A bankruptcy judge on May 22 approved the sale.
