Friday, June 12, 2009

Transcontinental to lay off 250 workers after posting $144.3M loss

Newspaper publisher and commercial printer Transcontinental Inc. (TSX:TCL.A) said Thursday it will lay off another 250 workers on top of some 1,500 job cuts announced earlier this year.

The announcement Thursday came as the Montreal-based company reported a huge loss of $144.3 million for the second quarter of fiscal 2009, as restructuring and other charges reversed a net profit of $36.9 million for the same year-ago period.

The loss includes one-time charges for asset impairment, goodwill write-offs and restructuring costs linked to the elimination of 1,500 jobs announced in February.


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