Sun Media, a division of Quebecor, has announced that it will cut 500 jobs from its operations nationwide, which includes the closure of two printing operations. The corporation’s Ottawa and Kingston printing presses will be silenced in part of an effort to shave off $45 million in costs a year.
“This restructuring is regrettable but warranted by changes in our industry which force us to align our cost structure with the new reality,” said Pierre Karl Péladeau, President and CEO of Sun Media.
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Quebecor in November last year cut 400 jobs, some attributed to outsourcing of production to India. Previous to that, 600 jobs were axed just prior to Christmas in 2008. Revenues from News Media shrunk $7.6 million to $227.6 million in the three months leading to September 30th compared to the same quarter in 2011.
According to Qubecor, Sun Media is Canada’s largest newspaper publisher with a circulation of over 15.1 million copies a week spanning 36 paid-circulation dailies and six free commuter papers. The Corporation also publishes 200 community newspapers, shopping guides and other publications.
“We very much regret the impact that this has had on employees who are departing our organization and would like to thank them for their contribution. We wish them all well,” concluded Mr. Péladeau.
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