Nov 19, 2020
Postmedia tells Unifor local of buyout, layoff plan to cut Vancouver salary expenses
The Canadian Press
VANCOUVER - Postmedia has notified unionized employees in Vancouver that it wants to reduce salary expenses there by 15 per cent through a voluntary buyout program or layoffs.
Unifor Local 2000 represents Postmedia employees at the Vancouver Province and Vancouver Sun - separate daily newspapers in British Columbia's biggest city.
The number of Postmedia employees involved with the downsizing wasn't immediately available.
It's the latest cost-cutting initiative this year at Canada's largest newspaper group, which also owns the National Post, Toronto Sun and other digital and print publications.
Conventional media businesses across Canada saw a major drop in advertising revenue after the COVID-19 closures in the pandemic's first wave.
Financial results issued last month by the Toronto-based company says it ended its 2020 financial year on Aug. 31 with a $16.2 million loss over 12 months, compared with a $6.3 million loss in fiscal 2019.