Times Co. does not foresee closing Globe

With the 23% pay cut imposed on members of the Boston Newspaper Guild, the paper's owner, the NYT Co, said it achieved savings it needs from the paper's unions & doesn't foresee shutting it down. "Because we achieved the $20M in savings we needed, we do not foresee closure at this time and are focused on executing the Globe's turnaround plan," said a Times spokesman. The 23% pay cut, imposed after the guild rejected a contract offer of pay & benefit cuts, will achieve $10M in savings, according it. other unions ratified contracts totaling over $10M in wage & benefit cuts. In early April, the Times threatened to shutter the Globe unless if can gain $20M & other concessions from the paper's unions.