Reported from PUBLISHER’S WEEKLY:
Revenue at Quebecor World tumbled 25.8% in the first quarter ended March 31, to $752.1 million, and the printer reported a net loss of $125.9 million compared to a loss of $190 million in the first quarter of 2008. The company attributed the loss to the recession which cut orders in almost all segments. Quebecor said it is continuing to look for ways to lower costs and has recently introduced a new plan to save $100 million that includes a reduction in wages and benefits for all employees.
Despite the weak quarter, Quebecor said its plans to exit from bankruptcy protection remain on track. It repeated that while it has received an unsolicited offer from R.R. Donnelley to acquire most of its assets, Quebecor will move ahead with its reorganization efforts while at the same time reviewing the Donnelley proposal.
Good to see that reduction of wages and benefits for everyone is still considered “reorganization”, and that the alternative is a letter that more or less amounts to the beginnings of an anti-trust problem via the offer from Donnelley. To read the original Donnelley letter sent to Quebecor GO HERE.
Just in case anyone out there really thought Print was going to last for the forseeable future.
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