12 June 2009
Transcontinental to lay off another 250 workers following Q2 loss
MONTREAL—Following a second quarter loss of $144.3 million, Transcontinental  announced Thursday that it would lay off another 250 workers in addition to the 1,500 job cuts announced earlier this year.

The lay offs, which, in total, represent 13% of Transcontinental’s workforce, will save the company $100 million, president and CEO Francois Oliver said in a conference call with analysts.

“While this rationalization plan comes at significant cost, when completed it will protect the corporation’s financial health,” Oliver said.

Olivier also said that the company’s U.S. direct mail operations were hardest hit in Q2, dropping by 50% compared to the previous year.

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