Canada's Sun Media slashing 600 jobs
Quebecor CEO announces layoffs TuesdayTORONTO -- Quebecor Canadian newspaper unit Sun Media said Tuesday that it will cut 600 jobs because of the economic downturn and problems in the print media industry.
The cuts represent 10% of the work force of Canada's biggest newspaper publisher. Sun Media said it expects the move to lead to restructuring costs of about CAN$14 million ($11.4 million).
"The speed at which the current economic environment is deteriorating forces us to make difficult decisions at this time of the year," Quebecor CEO Pierre Karl Peladeau said.
"The news industry is being revolutionized, and we have to adapt if we want to remain an industry leader."
Sun Media has 43 paid-circulation and free dailies in Canada's biggest urban markets and more than 200 community newspapers, shopping guides and other specialty publications.
Quebecor shares were down 26 Canadian cents at CAN$14.59 on the Toronto Stock Exchange shortly after the announcement.