On Thursday, Guardian Media Group, publisher of the Guardian and the Observer, announced it will lay off 250 employees, as it restructures the less profitable parts of the company. The layoffs are part of the company’s three-year cost-cutting plan announced earlier this year. Of the 250 jobs to be cut, 100 will come from an editorial staff of 725 and 150 from commercial departments like finance and human resources.

When the three-year plan was originally unveiled, the UK-based company estimated it would cut its work force by 15%, but current estimates are closer to 18%, meaning that 310 jobs in total will be cut. The additional 60 jobs in the editorial and commercial departments will remain unfilled. According to Media Post, the staff reductions would be achieved through voluntary severance agreements, but layoffs will be necessary if an insufficient number of employees accept the offer.

Against the backdrop of a volatile market, we are taking immediate action to boost revenues and reduce our cost-base in order to safeguard Guardian journalism in perpetuity. This plan will ensure our business is increasingly adaptable and better able to respond quickly to the pace of change in the digital world,” said Pemsel in a January 25 press release.

The staff was notified of the staffing cuts by a joint email from editor-in-chief Katherine Viner and chief executive David Pemsel.

“Our plan of action has one goal: to secure the journalistic integrity and financial independence of the Guardian in perpetuity,” said the memo. The memo also said they hoped the cuts would all be voluntary and that compulsory redundancies would only be considered only “if necessary.”

Why the need for such drastic cuts? In January, Guardian Media Group announced that the company must reduce losses and break even within three years to stop multi-million dollar losses. At the end of this month, the company’s fiscal year end, the company expects to post an operating loss of £58.6 million, or $84.9 million U.S., with print revenue down approximately 25%, reports International Business Times.

The news comes less than a month after The Independent, a British national newspaper, announced that it would go digital-only starting in March. The Independent has seen a dramatic increase in its digital traffic in the last year, while its print circulation has rapidly declined.

Insider Take:

In recent years, the Guardian has invested in technology, doing a major revamp of its website, and trying to navigate toward a membership model. While the Guardian’s website traffic shows that its changes hold some promise, they are not enough to stop a print revenue loss of 25%. In the wake of its plight, the Guardian has also shifted its plans for its membership model, reimagining its membership options and abandoning its ambitious plans for turning the Midlands Goods Shed, a former train depot, into a large events space for hosting member events.

The overall three-year plan is also ambitious, and the Guardian needs to turn things around quickly to stop its dramatic losses. It will require more than just cutting staff and revisiting its membership plan. It will require a major overhaul, new advertising revenue streams, and a good hard look at its plans for growth outside the U.K. to see what’s viable and what must be ditched in the name of profitability.

While the Guardian’s situation is dire, it is not unique. It is one of many publishers trying to reinvent itself in a digital age where being fast, first and mobile are the name of the game. Those who are nimble and adapt quickly will still be standing when the dust settles.