San Francisco Chronicle, the paper of record for the Bay Area, says it seeks to reduce its headcount by 125 before the end of the year by offering buyout offers to all employees who are not represented by a union as well as employees who are represented by the Northern California Media Workers' Guild.

If the goal is not met, expect layoffs.

"Obviously, we're not the first newspaper to be affected by the continuing downturn in advertising," said Publisher, President and CEO Frank Vega. "We are hopeful that by opting for our employees to voluntarily sign up for buyouts we can avoid any type of layoffs going forward."

Chron's report here.