Shaw to take $450-million hit after 3,300 employees accept buyout — far above original estimate of 650

Shaw Communications Inc. will eliminate 25 per cent of its workforce after about 3,300 employees accepted buyouts, five times more departures than originally anticipated as the company charts its path into a digital future. The Calgary-based communications giant announced Thursday the results of its voluntary buyout program, stating it expects to take a $450 million charge in the second quarter of fiscal 2018 in relation to the massive restructuring. That includes severance and other employee costs, as well as expenses for the initiative it’s calling a “total business transformation.”
Read more: http://business.financialpost.com/telecom/shaw-to-take-450-million-hit-from-workforce-cuts-after-3300-employees-accept-buyout?source=Snapzu