Thursday, 29 March 2012

Rogers Communications plans up to 300 layoffs

Rogers Communications plans up to 300 layoffs
Published On Wed Mar 28 2012 Morgan Campbell
Rogers Communications is planning to lay off up to 300 employees, the company confirmed Wednesday. Spokesperson Patricia Trott didn’t specify a timeline for the job cuts but did say the company began notifying affected employees Wednesday. “This is a very difficult decision, obviously,” said Trott, Rogers’ director of public affairs. “We don’t make these decisions lightly but we really feel we’re positioning ourselves well to maintain our leadership going forward.

The Toronto-based Rogers is Canada’s largest communications company, with more than 9 million wireless subscribers, a cable and Internet service provider and a media portfolio that includes City TV, Maclean’s Magazine and the Sportsnet networks. In December Rogers, which owns the Blue Jays, teamed with Bell to pay $1.3 billion for a majority stake in Maple Leaf Sports and Entertainment.
Trott says no single section of the company is targeted for layoffs. Instead, she says the job cuts will be spread across the company, mostly affecting management and head office positions.
While stressing the corporation’s overall health Trott says layoffs will make the company more efficient.
“We’re always looking to streamline…and better focus our resources on initiatives that we know will have the most impact.” Trott said.
As of late Wednesday afternoon Rogers stock was trading at $39.12 a share, more than four dollars above the price it commanded a year ago.
The corporation is scheduled release its first quarter earnings report April 24.

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