According to an unfortunate report in the Financial Post, Tim Hortons is on the cusp of cutting a “significant” number of jobs at its its Oakville head and various regional offices next week. Tim Hortons has over 1,400 employees and the total number of job losses are not known, but the bottom line is that it’s not good news.
The source was quoted as stating, “We have a year-end celebration this weekend, so they are going to wait until after that. There is talk of departments of 120 going down to 40 people. Cutting all departments in half is the direction, but some will be worse than that.”
This news comes after a Tim Hortons was acquired by 3G Capital, the investment firm who owns Burger King, for $12.5 billion.
Update: Tim Hortons has send us the following statement from Alexandra Cygal, VP, Corporate Affairs, regarding job cuts:
“We have had to make some difficult but necessary decisions today as we reorganize our company to position ourselves for the significant growth and opportunities ahead of us. This comprehensive process has created tremendous opportunities for some of our employees in new roles and promotions.
We greatly appreciate the service and contributions of all of our employees and are treating departing employees with the utmost respect, while providing generous and enhanced severance packages, continuing health benefits and outplacement services.
We are confident the new organization will be faster, more efficient and better positioned for continued success. Tim Hortons headquarters will remain in Oakville, ON and our commitment to long-standing brand values and traditions, including our significant community involvement, will continue.”