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Friday, February 29, 2008

Layoffs at Citadel, already – and the stock gets hammered

There are reports of layoffs from at least three big Citadel (former ABC) markets. Suleman promised a "major re-structuring in our major markets", and he was challenged by Wachovia analyst Marci Ryvicker about how expense reductions could possibly create topline growth. Already confirmed as one of the lay-offs is Chris Core from Talk WMAL (630) Washington D.C., where he did a mid-morning show 9 - 11:45 am. Core had been with the station more than twenty years. The numbers on Citadel stock ("CDL") were grim in the hours after the 10am call - Citadel was down about 25%, flirting with the $1 level. Click here to get latest stock quote on Citadel.

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