Times Co. does not foresee closing Globe

With the 23 percent pay cut imposed on members of the Boston Newspaper
Guild, the paper's owner, the New York Times Co., said it has achieved the
savings it needs from the paper's unions and does not foresee shutting it
down.

"Because we have achieved the $20 million in savings we needed, we do
not foresee closure at this time and are focused on executing the Globe's
turnaround plan," Times Co. spokeswoman Catherine Mathis said in a
statement.

The 23 percent pay cut, imposed after the guild rejected a contract
offer of pay and benefit cuts, will achieve about $10 million in savings,
according to the company. Six other unions have ratified contracts that
total slightly more than $10 million in wage and benefit cuts. In early April, the Times Co. threatened to shutter the Globe unless if could gain $20 million and other concessions from the paper's unions.