Huge cuts at Yellow Pages

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 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.

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