PORTLAND — The Portland Press Herald is cutting 40 jobs.

The Portland Newspaper Guild says it was notified this week that the newspaper plans to reduce its work force by about 40 employees due to declining revenues. The guild says that represents about 15 percent of the employees.

Guild Administrative Officer Kathy Munroe says the company is offering voluntary buyouts followed by involuntary layoffs if enough people don’t leave on their own. She says the job cuts affect managers and union members.

Press Herald Editor and Publisher Richard Connor said the newspaper is “feeling the effect of the economy like everyone else.”