Calgary – Shaw Communications says 3,300 of its employees have decided to take a voluntary buyout package. That is far above the company’s original estimate.
The Calgary-based company says that about one-quarter of its workforce will be departing as part of a previously announced multi-year transformation of its business.
Shaw originally estimated about 10 per cent of the 6,500 eligible employees (perhaps 650) would take the voluntary buyouts, which were announced on January 30.
Shaw will also swallow a $450-million restructuring charge in the second quarter of its 2018 financial year, primarily related to severance costs. Actual payments will be spread over 18 months, starting this April.
Last year Shaw shut down many community TV channels across the country including Channel 4, which served the Fraser Valley.
