Postmedia issues layoff notices at B.C. titles
It's told the union that there will be 54 job cuts coming as part of its ongoing plan to cut staff costs.
Further cuts are coming to Postmedia publications as the company continues to work towards its goal of reducing staff costs by 20%.
On Friday, the media company informed Unifor Local 2000, the union that represents employees at the Vancouver Sun and Vancouver Province, that 54 jobs would be cut in the coming weeks. Those titles are operated under the Pacific Newspaper Group.
Postmedia spokesperson Phyllise Gelfrand says the company is unable to confirm where the cuts will come from until talks with the union have concluded. The layoffs follow a voluntary buyout program at the company, where 38 people left the Pacific Newspaper Group titles.
The media company posted a 14.4% decline in revenue for its first quarter. Revenue for the quarter was $214.9 million, a decrease of $31.1 million over the same period in 2015. Print advertising declines continue to be the main factor behind the drop – in Q1, it dropped $31.1 million or 21.9%. Print circulation revenue dropped $6.1 million or 9%.
Postmedia will announce its Q2 results on April 6.