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National Business

Reitmans lays off most its retail workers, some head office staff

Reitmans lays off most its retail workers, some head office staff

MONTREAL — Reitmans (Canada) Ltd. is laying off 90 per cent of its Canadian retail store workers and 30 per cent of its Montreal head office employees after closing stores amid the spread of COVID-19.
Molson Coors Beverage Co. withdraws 2020 fiscal year guidance amid COVID-19

Molson Coors Beverage Co. withdraws 2020 fiscal year guidance amid COVID-19

MONTREAL — Molson Coors Beverage Co. says it is withdrawing its financial outlook for the 2020 financial year and beyond due to uncertainty about the impacts of the ongoing COVID-19 outbreak. The company released its guidance on Feb.
Quebecor temporarily cutting 10 per cent of its workforce due to COVID-19

Quebecor temporarily cutting 10 per cent of its workforce due to COVID-19

MONTREAL — Quebecor Inc. says it has temporarily laid off 10 per cent of its workforce as it deals with the impact of COVID-19. The Quebec-based telecommunications and media company employs more than 10,000 people in Canada.
Boston Pizza International laying off half of its corporate staff across Canada

Boston Pizza International laying off half of its corporate staff across Canada

VANCOUVER — Boston Pizza International Inc. is temporarily laying off approximately half of its 192 corporate staff across its three offices in Canada.
US consumer spending up modest 0.2% in February

US consumer spending up modest 0.2% in February

WASHINGTON — Americans increased their spending by a modest amount in February but the expectation is that spending will be hit hard in coming months reflecting the shutdown of the American economy by the coronavirus.
SNC withdraws financial guidance, moves to cuts costs and manage cash flow

SNC withdraws financial guidance, moves to cuts costs and manage cash flow

MONTREAL — SNC-Lavalin Group Inc. is withdrawing its financial guidance for 2020 as it works to cut costs and manage its cash flow due the COVID-19 pandemic and its impact of the company's operations around the world.
Lumber producer Canfor cuts production and capital spending due to COVID-19

Lumber producer Canfor cuts production and capital spending due to COVID-19

VANCOUVER — Canfor Corp. is cutting production and reducing capital spending as it deals with the COVID-19 outbreak. The Vancouver-based lumber producer says it has reduced its planned capital spending by $20 million for Canadian and U.S. operations.
B.C. government to release its estimates on the spread of COVID-19

B.C. government to release its estimates on the spread of COVID-19

VICTORIA — The British Columbia government is expected to release its modelling information on COVID-19 today. Health Minister Adrian Dix says the report will be an indicator of how many people may become infected with the virus.
Netflix reduces video quality in Canada to lower internet bandwidth use

Netflix reduces video quality in Canada to lower internet bandwidth use

TORONTO — Netflix is lowering video quality for its subscribers in Canada as it attempts to reduce soaring demands on internet bandwidth in the midst of the COVID-19 pandemic.
Pandemic fallout: NCAA slashes distribution by $375 million

Pandemic fallout: NCAA slashes distribution by $375 million

Cancelling March Madness because of the coronavirus pandemic will cost the NCAA about $375 million that it would have distributed to 350 schools across the nation. Some will be able to absorb the losses better than others.