Source: theglobeandmail.com

 

In the past year, Postmedia Network Canada Corp. has shed the equivalent of 800 full-time jobs. On Thursday, the company said the job losses will deepen, announcing a target of a further 20-per-cent saving on salary costs.

The latest round of planned staff reductions – through voluntary buyouts, followed by involuntary layoffs if necessary – comes amid a worsening slump. In earnings unveiled on Thursday, the company said its net loss spiked by 84 per cent to $99.4-million in the fourth quarter as print advertising sales fell by more than 20 per cent.

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