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With print circulation in decline and digital subscriptions not able to make up the revenue gap, The Globe and Mail is asking staff to take voluntary buyouts in a bid to cut costs.

Globe CEO Phillip Crawley informed employees of the offers at an all-staff town hall Thursday afternoon. Crawley told staff the paper is aiming to find 40 employees across the company who will agree to voluntary severance packages and would pursue layoffs if necessary, which he confirmed in a memo sent out later in the day.

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The newspaper has about 650 staff, and the packages are being offered to unionized and non-unionized employees with the hope that the downsizing will be completed by November. The Globe says a recent three-year plan to reduce expenses saved $25 million through cost-cutting measures, including the renegotiation of its print plant contract with Transcontinental Inc.

This marks the third time since 2013 that the newspaper has looked to slash its payroll significantly.