Postmedia reduces staff, salaries due to COVID-19
Postmedia Network Canada of Toronto and its subsidiary Postmedia Network have announced plans to reduce its workforce in response to the COVID-19 pandemic. The plan includes the closure of 15 community publications in Manitoba and Ontario, resulting in approximately 30 permanent layoffs. This will be accompanied by temporary layoffs of approximately 50 employees in the company’s sales and sales operations teams, as well as temporary salary reductions from 5% to 30% for employees with salaries over $60,000. According to the company, the need for these measures will be re-evaluated in three months.
“In response to the economic impact throughout our industry in these unprecedented times, we have made the difficult decision to implement temporary salary reductions, temporary layoffs and some permanent closures,” said Andrew MacLeod, president and CEO of Postmedia. “These are difficult but necessary decisions to make. These measures are all focused on putting our company in the best possible position to emerge from the current crisis and move ahead on our strategy.”