In another sign of the ailing print business, the New York Times Co (NYSE: NYT). is closing down its metro distribution center and with it, cutting 550 jobs. The center, called City & Suburban, handles delivery for the NYT and approximately 200 other newspapers and magazines to newsstands and retail stores in the New York area. The decision to exit the wholesale distribution business, which started in 1992, was pinned on changing economic conditions — such as the migration of readers and ad revenue to online and the higher cost of fuel. Local delivery will now resemble NYTCo.’s national distribution, which is handled by outside companies. Release
Update: The company says it can’t even estimate the total charges related to the closure and will file the amount later.