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Yellow Pages, a Canadian digital media and marketing company, announced today a program to reduce spending in order to drive improvement in its key operating measure of EBITDA less capital expenditures. Yellow Pages will reduce its workforce by approximately 500 positions, representing close to 18% of its employees on a consolidated basis. The reductions will occur across Canada and in all functions of the business. Yellow Pages expects to incur a restructuring charge of roughly $17 million.
“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.”
Yellow Pages holds 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 has business in advertising serving North American brands, including Mediative and JUICE.