Economy, Lost Jobs Prompt Transcontinental Cuts

Among the other measures Transcontinental has taken in its cost-cutting initiative: a hiring freeze, unpaid leave and reduced work weeks. Transcontinental’s senior managers have decided to take two weeks of unpaid leave, but to work throughout that period. These measures will cut costs by about C$75 million on an annualized basis, including C$50 million in 2009. Capital investments, except for those assigned to outsourced newspaper printing, have been reduced.