Yellow Pages Limited Announces Actions to Reduce Spending and Cost Structure
Montreal (Quebec), January 16, 2018 — Yellow Pages Limited (TSX: Y) (the “Company”) announced today that it is has taken a significant step forward in its program to reduce spending to drive improvement in its key operating measure of EBITDA less capital expenditures.
The Company will take measures to reduce its workforce by approximately 500 positions, representing close to 18% of its employees on a consolidated basis, with reductions occurring across Canada and in all functions of the business. The Company expects to incur a restructuring charge of roughly $17 million associated with these actions in the first quarter of fiscal 2018.
“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,” said David A. Eckert, Chief Executive Officer. Eckert continued, “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. We are continuing to make focused investments for profitable future growth.”
About Yellow Pages Limited
Yellow Pages Limited (TSX: Y) is a Canadian digital media and marketing company that creates local opportunities for buyers and sellers to interact and transact in the local economy. Yellow Pages holds some of Canada’s leading local online properties including YP.ca, RedFlagDeals.com, Canada411.ca, 411.ca, Bookenda.com, DuProprio.com, ComFree.com and YP NextHome. The Company also holds the YP, YP Shopwise, YP Dine, RedFlagDeals, Canada411, 411, DuProprio, ComFree and YP NextHome mobile applications and Yellow Pages print directories. In addition, Yellow Pages is a leader in national advertising through its businesses devoted to servicing the marketing needs of large North American brands, including Mediative and JUICE. For more information visit www.corporate.yp.ca.