Yellow Pages Ltd. announced a plan to cut roughly 500 jobs on Tuesday in an effort to reduce spending and improve its results.
The company (TSX:Y) said the job losses will amount to close to 18 per cent of its employees.
“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 will be 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.
In addition to the Yellow Pages print directories, the business is a digital media and marketing company.
Its online properties include YP.ca, RedFlagDeals.com, Canada411.ca, 411.ca, Bookenda.com, DuProprio.com, ComFree.com and YP NextHome.