Postmedia to lay off 80, permanently close 15 newspapers amid COVID-19 fallout

TORONTO — Postmedia Network Inc. says it will lay off about 80 employees and permanently close 15 community newspapers, as the newspaper conglomerate navigates the financial fallout of COVID-19.

CEO Andrew MacLeod says in a memo to staff that the newspaper closures will happen in Manitoba and Ontario’s Windsor-Essex area.

About 30 people will lose their jobs as a result of the permanent closures.

The company will temporarily lay off about 50 people in its sales and sales operations teams for three months, after which it will re-evaluate the decision.

MacLeod says all staff earning $60,000 or more, except commissioned advertising sales representatives, will receive a salary reduction for at least three months.

The CEO will take a 30 per cent pay cut, while pay cuts for other staff will vary between five per cent and 20 per cent depending on their position.

Companies in this story: (TSX:PNC.A,PNC.B)

© The Canadian Press, 2020. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Toronto
Cloudy
7:13 am7:02 pm EDT
Feels like: 7°C
Wind: 11km/h NW
Humidity: 79%
Pressure: 1030.82mbar
UV index: 0
FriSatSunMonTue
16/11°C
18/8°C
14/7°C
14/8°C
17/10°C