Yellow Pages Ltd. cuts 500 jobs

Yellow Pages Ltd. has cut another 500 jobs across the country as it continues to struggle with a shift of consumer preferences from print to digital directories. The company said Tuesday the job losses, which took effect Tuesday, amount to close to 18 per cent of its employees. That’s on top of 300 positions that were eliminated in October 2015. “Decisions that materially impact our employees are difficult but absolutely critical to securing the near-term health of the business while we build a great company that provides excellent opportunities in the future,” Yellow Pages chief executive David Eckert said in a statement. “Today’s actions are one element resulting from a comprehensive review of our operating and capital spending, aimed at creating a strong financial basis for stability and growth.” The cuts were made across the country and all parts of the company’s business. Yellow Pages said it expects to take a $17-million restructuring charge related to the decision. Company spokeswoman Jolle Langevin said cutting jobs to reduce expenses is one of several measures that have been considered and other moves could still be announced. “Everything is on the table,” she said. Analyst Vahan Ajamian of Beacon Securities Ltd. said investors will be encouraged by the “no nonsense” attitude taken by Eckert in more than three months since being appointed. In addition to cutting costs, he has restructured the company’s debt. “I think those are positive signs but investors have to see what the outlook for the year and then the future holds,” he said.