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)
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