Transcontinental eliminates 1,500 jobs
In recent weeks, commercial printing projects, direct mail projects and magazine advertising placements have been cancelled or postponed by Transcontinental's customers that have been hit by the recession.
The jobs were cut a result of the company's previously announced move to consolidate the operations of Transcontinental Direct USA Inc., as well as other factors, such as a company-wide review of production capacity, the adjustment of costs to demand, the closure of plants and the termination of some publications.
Transcontinental also is taking additional steps, such as implementing a hiring freeze, reduced work weeks and unpaid leave.
These measures are expected to cut costs by approximately $75 million annually, including $50 million in 2009.