Here are some companies that made headlines following announcements of major personnel movements in March 2024.
The company founded in 1983, Just for Laughs, declared bankruptcy under the Bankruptcy and Insolvency Act, attributing the decision to interruptions caused by the COVID-19 pandemic, inflationary pressures and difficulties in the entertainment industry. media. In response, it cut 70% of its workforce and canceled several events, including the Juste pour lire/Just For Laughs festival. This situation triggers an investment solicitation and sales process, opening up the possibility of selling the business in whole or in parts. Just for Laughs is approximately $42 million in debt, primarily to three secured creditors.
TC Energy has implemented undisclosed job cuts, primarily affecting personnel in Calgary and Houston. The layoffs align with the company’s strategy to consolidate its natural gas pipeline units across North America. While the exact number of employees affected remains undisclosed, TC Energy’s principal operating unit, TCPL, had over 2,600 staff in Calgary and about 837 in Houston as of December.
Dorel Industries Inc. has downsized approximately five percent of its home furniture division, Dorel Home, as part of a restructuring strategy, incurring a US$4.5 million charge. CEO Martin Schwartz anticipates improvements in 2024, emphasizing industry health’s significance. Dorel also initiated headcount reductions in its juvenile segment. The impact on Canadian staff remains uncertain, with significant employment in Quebec and over 375 workers in Ontario.