Not even The Shiny Sheet on the ultra wealthy island of Palm Beach is immune to Cox layoffs.
Alex Taylor, The Palm Beach Post Publisher, announced today that 11 full-time employees were losing their jobs. That means there are 32 employees left at the paper. Says Mr. Taylor:
To put this into a little perspective it’s important to point out that last year’s layoffs did not touch the Shiny Sheet because business on the island appeared relatively unaffected during the 2008 downturn. However, things changed on the island after the turn of the year. Business dropped sharply in what many think is the sharpest retail downturn the island has ever seen in modern times. Real Estate, Madoff, plummeting tourism, a Worth Ave. jewelry heist, a general reluctance to spend on luxury goods and numerous other factors have created a storm on the island that has shut down much of its economic activity.
With All That Going On, You’d Think They’d Need Journalists
It has been a great news year for Palm Beach. A $50-billion pyramid scheme in our own back yard, and an old-school jewelry heist are a couple of my favorites.
Thanks to the economic downturn and Bernie Madoff, there have been some amazing turns of fortune on the island to the tune of tens or hundreds of millions of dollars. After years of boring society balls and minor social standing drama, something interesting is happening on the island and it is a shame there aren’t going to be as many people left to records the stories.
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