The Philadelphia Inquirer is closing and selling the Schuylkill Printing Plant in Upper Merion Township, laying off around 500 people in the process, write Andrew Maykuth and Juliana Feliciano Reyes for The Philadelphia Inquirer.

The newspaper will shift production to a New Jersey contractor. The goal of this cost-cutting move is to ensure the survival of the media company as consumers pivot to digital platforms in their search for news.

The company is already in negotiations with a potential buyer for the 45-acre property which includes a 674,000-square-foot manufacturing facility.

“While the sale is not yet final, we recognize how deeply unsettling and distressing this is to employees at the printing plant,” Lisa Hughes, The Philadelphia inquirer publisher and chief executive officer. “They have served our readers tirelessly, with dedication and devotion to the craft.”

She added that any proceeds from the sale will be used to enhance the severance packages for laid-off employees.

However, despite the closure of the plant, the company does not plan to change its number of printed editions.

“Readers will see no interruption in their service,” said Hughes.

Read more about the closing at The Philadelphia Inquirer by clicking here.