Slumping Transcontinental to Lay Off 250
June 12, 2009
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MONTREAL—Transcontinental Inc. is laying off 250 workers above the 1,500 cuts announced earlier this year, The Canadian Press is reporting. The move comes on the heels of its C$144.3 million loss for the second quarter of 2009, compared to a net profit of C$36.9 million for the same period the previous year. The company expects to generate C$100 million in cost savings with the streamlining of 1,750 jobs, which represents about 13 percent of its workforce.
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