Transcontinental Media cuts 29 jobs in magazine division

Monday morning first thing, Transcontinental Media cut a reported 29 jobs in its newly merged business and consumer solution group, according to a report in Masthead. A staff meeting was told specifically eliminated were 13 jobs in Toronto, 10 in Montreal and 6 in Vancouver, totalling 22; it's not known where the seven other positions are.

Pierre Marcoux, who recently was appointed head of the magazine publishing division, said in a memo to staff:

Unfortunately, during the past months, the economic situation has not improved and our customers are still holding back on their advertising investments. Therefore, the Business and Consumer Solutions Group management team must implement additional cost reduction measures.

These measures are needed to adjust to the current economic climate and to review our work methods. Modifying our work processes during this transition period will allow us to pursue our development in a more efficient way. Unfortunately, these changes involve the reduction of positions.

Among the cuts were three sales staff in Toronto and four positions from the staff of Vancouver magazine, though two of those are to be redeployed elsewhere in the company.