St. Joe's saves by putting staff on 4-day week for summer; cutting pay 5% through October

[This post has been updated] Breaking news: Staff at St. Joseph Media (Toronto Life, Fashion, Canadian Family etc.) have been told that they are taking a "short term 5% pay cut" by working a four-day week during July and August. More as we hear it.[Update: Masthead magzine reports that the 5% cut stretches from April through October, with the short weeks for July and August and quotes St. Joseph