The company which owns newspapers across the country, including the Calgary Sun and Calgary Herald says it plans to reduce its salary costs by 20 per cent through voluntary staff buyouts, and that layoffs are possible if its target isn’t met.
Postmedia says staff have until Nov. 8 to apply for the buyouts. The cuts will come from all levels and operations in the company.
In January, Postmedia cut 90 jobs and merged newsrooms in four cities, but maintained separate newspapers in each location following its acquisition of Sun Media’s English-language newspapers and digital properties last year.
It had been dealing with a $648-million-dollar debt and the layoffs were part of cost-cutting measures.
The company aimed to reduce its annual operating expenses by $80 million.
Postmedia said it is just $5 million shy of reaching that goal, which it expects to do by the end of the first quarter of its 2017 financial year.