Transcontinental reducing costs across operations
Staff at The Telegram are being affected by company-wide cost reductions at Transcontinental. According to this story, posted on The Telegram's web site, the company is cutting 1500 jobs across its North American operations.
I know of at least two individuals who have been given lay-off notices at The Telegram, and there may be more in the weeks ahead. I understand, however, that job losses here are expected to be minimal.
I wrote at some length recently about the gradual decline of the newspaper industry. That may be one of the factors at play here, though I suspect the company is being honest, in attributing it to the global economic downturn. Times are tough all over.
Heres the full story, from Canadian Press:
Transcontinental cuts 1,500 jobs across North American operations
Major printer Transcontinental Inc. (TSX:TCL.A) is cutting 1,500 jobs and reducing costs across its North American operations to address the economic slide.
The Montreal-based printer and media company says the rapid deterioration of the economy has reduced spending of its customers.
The 10 per cent downsizing affects operations in Canada, the United States and Mexico. The company says commercial printing projects, direct mail projects and magazine ad placements have been cancelled or postponed by companies hit by the recession. Chief executive CEO Francois Olivier says the move is in the interests of all of its employees and shareholders.
Transcontinental says it has also put a freeze on hiring and will also introduce unpaid leave, reduced work weeks and other cost-cutting measures.