Further, a sufficiently ruthless management could strip an awful lot of costs out of the average US newspaper set up.

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He said the top three factors to improving front-line services while delivering savings are to strip out duplicated layers of management, reduce debt repayments to the banks and drive down accommodation costs and overhead.

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By then the firm was increasingly moving from friendly buyouts, undertaken with the cooperation of management, to hostile ones, where new management would often strip the target company like a stolen car, sell off choice bits to the highest bidders and fire thousands of employees along the way.

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