Not the Best of Times For Industry Behemoths — Michelson

Quebecor World (ranked #2 on PI 400) is also downsizing. It revealed last month that it is reorganizing its U.S. book and magazine business, resulting in the loss of more than 700 jobs. The move comes on the heels of several initiatives to turn the company around and boost its sagging stock price. Shutting down in this round of cutbacks are its venerable book manufacturing plant in Kingsport, TN, as well as a magazine printing operation in Brookfield, WI. Earlier, Quebecor World also divested several “non-core” facilities as part of two separate management buyouts.