The New York Times Co. backed off this morning on its ominous warning about shutting its Boston Globe holding. It had signalled intentions to alert federal authorities of a 60-day notification of closure under federal law, according to the Washington Post.
The company had been unsuccessful in wresting significant concessions from the Globe's unions totalling about $20 million and several contract measures that affect seniority and job guarantees. The paper has been losing about $85 million annually and the company has signalled its desire to shut the paper if it cannot rework the economics of its operations.
Today, though, the company said it had completed some successful negotiations.
This move had been an escalation of the process, not necessarily even the 15th-last-word on the matter. The 60-day notification does not mean the paper would close then, only that it could close then under worker law.