Mosaic Cuts 60 Jobs in Two Divisions Amid Restructuring
Canadian direct marketer Mosaic Group Inc. said Tuesday that it would cut 60 jobs in two of its divisions as part of debt restructuring commitments that were announced earlier this month.Ben Kaak, Mosaic's chief financial officer, also has resigned, the company said, as well as John Hoholik, head of its marketing and technology solutions division. The Toronto-based company said it would cut 35 positions in its marketing division and 25 jobs from its performance solutions division. The company has 1,100 full-time employees.
Earlier this month, Mosaic won court protection from its creditors as it seeks to restructure its debt, while some of the company's U.S. subsidiaries sought protection under Chapter 11 in U.S. bankruptcy court. Company executives said they are open to selling some or all of its business.
In November, Mosaic shut down its British unit in November to cut costs and laid off 200 employees.
Mosaic provides a range of services, including promotions, product sampling and direct marketing.
