Cable & Telecom

MTS slashes 25% of Allstream’s workforce, unveils new strategy

WINNIPEG – After completing a strategic review that began in February, MTS Allstream said Thursday that it is cutting a quarter of Allstream’s workforce, curbing its annual dividend, and pre-funding $120 million into its pension plans.Some 100 employees have already left Toronto-based Allstream and a further 400 have received working notice and will leave the company later this year and into 2016. The staff reductions are expected to generate approximately $50 million in annualized free cash flow improvement, the company detailed.CEO Jay Forbes said that the review’s findings revealed “the untapped potential of this company", but stopped short of confirming...