Bids for the purchase of The Boston Globe have been extended until later this month, The New York Times and the Globe reported Wednesday.

This is to allow potential bidders to see the results of a July 20 vote expected by the Boston-based newspaper’s major union, on a package of pay cuts and benefits that management deems necessary to keep the newspaper running.

The New York Times Co. (NYT), parent company of the Globe, has placed the New England newspaper up for sale in order to raise revenue and keep from closing the newspaper. Investment-banking firm Goldman Sachs (GS) is handling the sale of the paper, which is also handling the sale of Times Co’s stake in the Boston Red Sox.

According to the Times, the delay was also partially because prospective bidders for the newspaper wanted to see if advertising revenues had leveled off. Currently, the report said, there are three possible bidders for the Globe: Boston Celtics co-owner Stephen Pagliuca, advertising executive Jack Connors along with Stephen Taylor, whose family used to own the Globe.

The Boston Newspaper Guild will vote on approximately $20 million in contract concessions, according to the Times and Globe. The vote is considered key for any bidder to decide whether to step in to save the struggling newspaper

The struggles of the Globe marks yet another major newspaper buckling under the weight of a shifting advertising market to the Internet and a overall struggling economic environment.

Gannett (GCI), owner of the USA Today and dozens of other major metropolitan dailies, is expected to announce layoffs totaling in the thousands this week, while several companies such as privately-owned Tribune Co went bankrupt late last year.