Quebecor World Loses Contract; Selling Jet
MONTREAL—The Canadian Tire catalog, a staple for millions of Canadian households since its debut in 1928, has been discontinued, according to The Canadian Press. The decision robs Quebecor World of another key contract, and comes on the heels of losing its Rogers Communications pact and potentially seeing The Economist magazine opt out later this year.
The tire company decided to concentrate more of its energies to online marketing. An online version of the catalog will be available.
In other news, the Toronto Globe and Mail reported that Quebecor World has filed a motion in U.S. bankruptcy court seeking to exercise its option to terminate the lease on its corporate jet. The printer would then purchase the jet and sell it for a tidy profit. The paper said Quebecor World has received three offers from potential buyers within range of the plane’s appraised value of US$20.4 million.
The Toronto Star also reported that Quebecor World won approval from the bankruptcy court to pay nearly 400 managers about US$4.6 million in bonuses they earned before the printing company sought Chapter 11 protection earlier this year.