The Vancouver Sun building in downtown Vancouver.

Postmedia plans to sell printing plants in Surrey and Calgary

The financially embattled newspaper company lost a reported $112 million in the first quarter of 2013, due to tumbling print advertising.

Newspaper group Postmedia – which publishes The Vancouver Sun and The Provinceis planning to sell two printing plants in an effort to reduce both costs and debt.

Postmedia will be looking for solutions – and buyers – for its Kennedy Heights building in Surrey, B.C. – which prints both Vancouver dailies mentioned above – as well as the Calgary Herald building in Alberta’s largest city.

Unifor local 200, formerly known as the Communications, Energy and Paperworkers Union, released a statement online on Monday.

“Union officers will be consulting with our legal counsel and meeting with members to discuss our next steps… there will be no involuntary loss of employment of any regular employee during the life of the contract as a result of (this news)…”

Earlier this year, Postmedia reportedly lost $112 million in just its first quarter, with 59 per cent of its revenue coming from print advertising.

Digital revenues have been slow – and are failing – to make up the difference in the company’s print losses. Print revenues, although falling rapidly, still amounted to $113 million in 2013’s first quarter, while digital revenues grew just $500,000 to $24 million.

Just Posted

500 pounds of turkey served at Cool Aid community Christmas dinner

Annual dinner serves hundreds of community members

VIDEO: Annual Tuba Christmas concert draws large crowd to Market Square

Over 100 tuba and euphonium players gathered to play festive tunes

Revisit Christmas past as Point Ellice House displays Victorian-era traditions

Antique bobbles, cards, decor and more are on display

Bold and brassy quintet touches down at UVic

Internationally recognized Canadian Brass performing with Victoria Symphony on Dec. 21

Saanich church kicks off holidays with peaceful Winter Solstice service

St. Luke’s song-filled Christmas services come later

VIDEO: Success of wildlife corridors in Banff National Park has advocates wanting more

Demand for more highway protection escalated after seven elk were killed by a semi-trailer near Canmore

Sharks beat Canucks 4-2 to snap 6-game skid

Vancouver visits Vegas on Sunday

Fans sing Canadian anthem after sound system breaks at BMW IBSF World Cup

The Canadians in attendance made sure their team and flag were honoured on the podium

VIDEO: Fire destroys Big White Ski Resort chalet

Social media eulogies peg the property, nicknamed “The Pharamacy,” as both loved and hated

Prince George RCMP use bait packages to catch porch pirates over the holidays

First-in-Canada program with Amazon looks to combat parcel theft

Nanaimo mechanical engineer creates thief tracking program

Nanaimo Thief Tracking lets users plot and share information about thefts online

Mayor wants B.C. to institutionalize severely mental ill people who are homeless

Those suffering from mental health conditions, such as schizophrenia, need specialized care, mayor says

Five things of note from Trudeau’s mandate letters to his ministers

Some marching orders come from the Liberal Party’s campaign, while others are new additions

Scheer’s resignation tips party into internal war over school tuition payments

The Conservatives have a Toronto convention already scheduled for April

Most Read