(MONTREAL, QC) – Sun Media Corporation announces today the elimination of approximately 500 positions throughout its organization including the closure of two production facilities in Ottawa and Kingston. These and other optimization initiatives that will be implemented in the coming months are expected to deliver more than $45 million in annualized cost savings.
″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. ″With the recent announcement of a major strategic redesign of Sun Media’s organizational structure, the restructuring further streamlines and optimizes the organization’s operations. By doing so, Sun Media Corporation is proactively leading the way to ensure long term success,″ added Mr. Péladeau.
″Sun Media Corporation’s commitment to its publications, customers, advertisers and employees remains unchanged. We will continue to deliver quality content, with local presence, and maximum value to our advertisers. 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.