Daily Mirror owner Reach to cut 550 jobs as sales fall

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The owner of the Daily Mirror and the Daily Express is to cut 12% of its workforce as it struggles with the impact of the coronavirus pandemic.

Reach, which also owns the Daily Star, OK! Magazine and a stable of regional newspapers, said about 550 people would lose their jobs.

The group, whose sales were falling even before the pandemic, saw revenue slip nearly 30% in the quarter to June.

Boss Jim Mullen blamed a fall in circulation and advertising revenue.

«To meet these challenges and to accelerate our customer value strategy, we have completed plans to transform the business and are ready to begin the process of implementation,» he said.

«Regrettably, these plans involve a reduction in our workforce and we will ensure all impacted colleagues are treated with fairness and respect throughout the forthcoming consultation process.»