The Washington Post plans to cut 240 jobs, or almost 10% of its workforce, through voluntary buyouts, the company announced Tuesday.

The Post had been “overly optimistic” about its growth in readership, subscriptions and ads for the past two years, interim CEO Patty Stonesifer wrote in an email to staff. “We are working to find ways to return our business to a healthier place in the coming year.”

Stonesifer said voluntary buyouts would be offered to employees in specific roles. She did not list which roles.