Hearst posted the news that it will seek quick "significant" cuts to both union and non-union staff at the Chronicle. If enough savings aren't realized, the company says it will seek a buyer for the paper. If no buyer emerges, the paper will close. It lost more than $50 million in 2008 and is on a pace to lose more than that this year, the story says. "It's just a fact of life that we need to live within our means as a newspaper - and we have not for years," says Frank J. Vega, chairman and publisher.