Lee Enterprises, the Davenport, Iowa-based parent company of the North County Times, said Oct. 30 it would suspend its dividend to help pay off its bank debt.
The move will save the publicly traded company $34 million per year, which Lee will direct toward reducing debt, CEO Mary Junck said.
The decline of the housing market and the credit crisis as well as rising unemployment and a decline in consumer spending are taking their toll on advertising sales, company officials said.
, Brad Graves
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