Keith Maskell and I met with the management team at The Canadian Press Friday afternoon for a full presentation about the company’s financial situation. As you might expect, much of the financial information is highly sensitive, and the Guild signed a non-disclosure agreement to help protect the company’s interests. What we can tell you is that the picture is not a pretty one. The company continues to grapple with payments necessary to maintain your pension plan, combined with a shortfall in revenues.
You may be aware that the company has eliminated a number of management positions over the past few days. Based on the information provided to us, we expect that further staff reductions will be made. We have been told that company representatives will roll out their plans for Canadian Press Enterprises as soon as this week.
In light of what lies ahead, we will be organizing a conference call with location unit leaders as soon as possible – likely this coming Wednesday. We will provide as much information as we can, and will be seeking input and ideas on how best to move ahead.
Rest assured that as the company’s plan unfolds, the Guild will be there to ensure that our members are treated as fairly as possible and in accordance with the collective agreement.
On that note, we expect that the company’s financial situation will have a direct impact on our next round of negotiations, which are likely to begin near the end of this year. The Guild executive is preparing for negotiations. If you have thoughts or ideas about bargaining, or if you’d like to be involved in some capacity, please contact me or your local president as soon as possible.
We’ll keep you posted on developments on all fronts.