The work force has had to take furloughs for years. There is nothing in the short term that would make this company appear to be on the verge of bankruptcy. They remain nearly current on all debt and bills. Has anyone had a check bounce from an MNI property? Not likely.
The long term view is shaky, however, as this company and its' leadership has clearly missed the huge tidal wave of activity in the social media and search world. Their partnership with Yahoo is symbollic, two once dominant companies limping, dragging, chugging their way in the slow lane while Google, Groupon, Living Social and many more comapnies are moving 6-9x as fast.
This will not change until the entire top levels of management change, starting with Pruitt. Did you know he got a $1,000,000 bonus for successfully acquiring Knight Ridder a few years ago? Since that transaction, revenue has dropped by more than 50%, and earnings have dropped by 90%.
Knight Ridder alone used to sell $3 Billion and make $300 million. Nice job of destroying value, Gary. Well done.
I hardly think Gary is the major reason that Knight Ridder unravelling. The TIMING of the purchase was his problem.
You continue to blame him for what is, primarily, a secular problem. That doesn't mean he is not an insensitive a-hole, perhaps...but that does NOT automatically make him a bad manager. He's gutting the cost structure, to try to protect the value for the equity holders. That's his job.