McLean, Va. - Citing "tough economic challenges both domestically and in the U.K.," Gannett (NYSE: GCI), the publisher of USA Today and 84 other daily newspapers, said on Monday that it plans to record as much as $3 billion in impairment charges this quarter to reflect the company's dwindling value. Gannett said that the non-cash charges reflect "challenging business conditions" related to the softening real estate market, as well as a decline in its stock price.

"Newsquest, our publishing operation in the U.K., has been significantly impacted and many regions of the U.S. continue to struggle," said CEO Craig Dubow.

Company CFO Gracia Martore said that the write downs "do not in any way impact our ability to operate our businesses."

The news sent company shares down by about 1% by midday.

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