Torstar reports $21M loss

Torstar Corp., which operates the Toronto Star, lost $21.4 million inthe first quarter, compared with $3 million in 2008, as it took a$25.9-million restructuring char­ge for staff cuts and streamliningefforts and saw its revenues squeezed by the recession.

Torstar Corp., which operates the Toronto Star, lost $21.4 million in the first quarter, compared with $3 million in 2008, as it took a $25.9-million restructuring char­ge for staff cuts and streamlining efforts and saw its revenues squeezed by the recession.

Union officials are calling for Torstar’s outgoing president and chief executive Robert Prichard to give back what they say is a $9.6-million severance package. Torstar chairman Frank Iacobucci said Pri­chard’s severance pay was negotiated as part of his hiring agreement in 2001.

 
 
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