# Tim Hortons Announces Layoffs



## sags (May 15, 2010)

Tim Hortons confirms they are laying people off due to reorganizing as a result of the merger with Burger King.

That didn't take long............

http://www.torontosun.com/2015/01/27/tim-hortons-confirms-layoffs


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## HaroldCrump (Jun 10, 2009)

Didn't we use to have a layoffs tracking thread?
We should track this there for record-keeping.
Just in the last couple of weeks, we have had the following:

- Target : 17,000
- BBD : 50 - 100
- Mexx : Not sure of exact #
- Suncor : 1,000

The major oil companies begin reporting quarterly earnings later this week...let's see how this plays out.


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## Janus (Oct 23, 2013)

Going back from today to November 1, 2014

Premium Brands: 200
Bombardier: 1000
Suncor: 1000
Corsa Coal: 130
RBC: 300
Rogers Sugar: 59
CCL Industries: 100
SNC Lavain: 4000
Bank of Nova Scotia: 1500 (mostly global jobs I think)


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## sags (May 15, 2010)

Lots of "quiet" layoffs happening as well.

Someone reported an engineering firm in Calgary has cut salaries by 10% and laid off some people.

My daughter in law has all of her shifts cancelled at the local Toys R US store. They were busy a few days just before Christmas, but most of December was really quiet and they were continually sent home early. It is a dead zone now. She was told the company has no money to pay them for their shifts.

I was out shopping the other day, and I was the only one in the Marks Work Warehouse store. The Sears and Target were virtually empty. Some of the restaurants had no cars in the parking lot. 

But Costco was absolutely nuts...........Food Basics was busy...........Giant Tiger had a steady stream of customers........all the old folks were lined up in the bank.

It seems there is a great divide now. If a retailer is selling cheap stuff they are golden. Anyone selling more upscale stuff is going broke.


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## m3s (Apr 3, 2010)

Old folks lined up in the banks lol

Not sure what's going on with Sears but I recently went there because I like huge empty parking lots when it snows. Everything was on "liquidation" and the only people in the store were the young employees and their friends hanging out at customer service. Still looked fully stocked though and the sales were nothing special.

Local Costco and Walmart are zoos.


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## bayview (Nov 6, 2011)

And IBM too unless the Canadian offices are spared. Doubti it!

More to come. Recession...DDDeeeflationnn....


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## sags (May 15, 2010)

Jeez........Tim Hortons didn't tell the people in advance. They just told them they were done and to clear out their offices and leave.

The company says they will be getting severance pay, but most of the employees had 10 years or more service with the company, so it must have been a shock to them.

Yea............I think we are heading for a bad recession............not like the last time which was a little bump in the road.

Garth Turner is closely tracking the goings on .....and reporting on Calgary homes prices and sales.

Home listings have skyrocketed.........thousands have been added in a couple of weeks. People are trying to get out while they can. Probably a good plan if they are severely leveraged.

Estimates by some banks and analysts that low oil prices could last 10 years or more, isn't very good news.


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## fatcat (Nov 11, 2009)

sags said:


> Jeez........Tim Hortons didn't tell the people in advance. They just told them they were done and to clear out their offices and leave.
> 
> The company says they will be getting severance pay, but most of the employees had 10 years or more service with the company, so it must have been a shock to them.
> 
> ...


I believe IBM is coming in at 112,000 ... 1/4 of their workforce


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## martin15 (Feb 18, 2014)

sags said:


> Jeez........Tim Hortons didn't tell the people in advance. They just told them they were done and to clear out their offices and leave.


It's probably better that way. A touch heartless, perhaps.

Target is making their people continue to work to get their money, the potential for sabotage and theft is just too great to keep them on.
I'm sure there will be a few interesting Target stories coming out in the next few months.


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## MrMatt (Dec 21, 2011)

sags said:


> Lots of "quiet" layoffs happening as well.
> 
> Someone reported an engineering firm in Calgary has cut salaries by 10% and laid off some people.
> 
> ...


Costco is always busy, walmart too.

Thing is Walmart has a great selection of stuff, you can get everything, and the prices are decent.
Costco is nuts, but they almost always have an excellent price their products, and their return policy is awesome. To be fair I haven't had trouble with Walmart either.


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## MrMatt (Dec 21, 2011)

MrMatt said:


> Costco is always busy, walmart too.
> 
> Thing is Walmart has a great selection of stuff, you can get everything, and the prices are decent.
> Costco is nuts, but they almost always have an excellent price their products, and their return policy is awesome. To be fair I haven't had trouble with Walmart either.


Regarding layoffs, my company is still hiring, we're swamped with work and are having to dig more and more to get good people. I think the big companies and big numbers get the headlines, but there still is active hiring going on.
In my area employers are still being selective, but the candidate pool is pretty shallow in some areas.


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## HaroldCrump (Jun 10, 2009)

sags said:


> Jeez........Tim Hortons didn't tell the people in advance. They just told them they were done and to clear out their offices and leave.


Yes, it is unfortunate, however, this is quite normal in publicly listed companies (when announcing mass layoffs).
Target did the exact same thing with their employees earlier this month - it came as a complete shock to everyone.

Public companies cannot inform employees in advance of official news release.


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## HaroldCrump (Jun 10, 2009)

StatsCan revised previous job numbers downwards.
Unemployment rate now 6.7% - getting close to the 2009 highs.
*Canadian workforce at lowest level in 14 years in 2014*


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## Feruk (Aug 15, 2012)

Between Baker Hughes and Schlumberger, they're doing 16,000 layoffs. This is worldwide, but you can bet oil sands will be a big part of it.


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## CPA Candidate (Dec 15, 2013)

Shareholders scream for value, and this is the consequence.

I've been a budget cut (Cangene) to prop up the holdings of multibillionaires (Bernard Sherman). Capitalism in action.

Find occupations that are recession proof. That's why I changed careers and went into accounting. There is no such thing as a long term unemployed designated accountant.


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## HaroldCrump (Jun 10, 2009)

Feruk said:


> Between Baker Hughes and Schlumberger, they're doing 16,000 layoffs. This is worldwide, but you can bet oil sands will be a big part of it.


Bloomberg is estimating that global layoffs related to oil sector since the last 3 months is now approx. 30,000.


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## GOB (Feb 15, 2011)

MrMatt said:


> Regarding layoffs, my company is still hiring, we're swamped with work and are having to dig more and more to get good people. I think the big companies and big numbers get the headlines, but there still is active hiring going on.
> In my area employers are still being selective, but the candidate pool is pretty shallow in some areas.


If you don't mind sharing, what industry?


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## OhGreatGuru (May 24, 2009)

sags said:


> Tim Hortons confirms they are laying people off due to reorganizing as a result of the merger with Burger King.
> 
> That didn't take long............


A perfectly predictable outcome once they sold the company down the American tubes. It's sad to see another Canadian icon (And a financially successful one for change) go this way.


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## steve41 (Apr 18, 2009)

OhGreatGuru said:


> A perfectly predictable outcome once they sold the company down the American tubes. It's sad to see another Canadian icon (And a financially successful one for change) go this way.


If only they knew how to brew a proper cup of coffee.


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## bayview (Nov 6, 2011)

In M&A, layoffs are usually inevitable especially in the same industry and territory. But iin this case it is quite clear at the outset, layoffs and and major cost cuttings would be a primary driver to reap the synergies asap.

The Acquirer is a hedge fund - 3G.

http://www.cbc.ca/news/business/tim...ime-employees-escorted-out-the-door-1.2934853


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## HaroldCrump (Jun 10, 2009)

OhGreatGuru said:


> A perfectly predictable outcome once they sold the company down the American tubes. It's sad to see another Canadian icon (And a financially successful one for change) go this way.


They used to be owned by the Wendy's chain all through the 1990s, and into the 2000s.
I believe Wendy's spun off a minority stake around 2005/6, but continued to hold a majority stake.
Wendy's themselves was acquired by another US private equity fund soon thereafter.

In this business, there is no loyalty, and these kinds of pseudo-patriotic anchoring are just wistful reveries.


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## HaroldCrump (Jun 10, 2009)

Retailer chain Jones New York just announcing that they are getting the he** out of the frozen Tundra, and closing all 36 stores.
All employees to be laid off starting June 2015.

Another private equity/hedge fund led deal busted...


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## scorpion_ca (Nov 3, 2014)

"Tim Hortons says layoffs affected 350 employees at its headquarters and regional offices"

http://business.financialpost.com/2...ees-at-its-headquarters-and-regional-offices/


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## HaroldCrump (Jun 10, 2009)

CIBC in with 500.


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## fraser (May 15, 2010)

The layoffs should not come as a surprise to Tim Horton's employees. Unless the were incredibly naive.

This is par for the course in a merger. It is often referred to as 'value recapture'. It is part so the savings that will help fund the acquisition cost.


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## kcowan (Jul 1, 2010)

The only winner is the VC who put the deal together! Timmies will have to finance the whole deal. They will be loaded up with debt when it is all over. And no Timbits!


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## sags (May 15, 2010)

On second thought, perhaps the way Tim Horton informed their employees was the best way to do such things, IF they are paying full severance pay. It allows people to look for alternative employment while they are being paid.

Target is requiring some of their employees to work during their severance period, so they have little time to look for employment.

It is sad times because many of the layoffs being announced these days are permanent and aren't coming back.


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## banjopete (Feb 4, 2014)

Walmart, Target, Costco etc, the writing is plain and clear in my mind. If we continue to value the cheapest and least useful, or low quality (I realize there are exceptions of course) products and support international chains that sell products that originate from areas of cheap labour, then we shouldn't be continually surprised to see the job losses too. We need to consciously support our own makers, much like the "buy america" orders down south. The more I see it, the more convinced I am that I need to make personal decisions to pay a little extra for something that's made locally, by Canadians, from Canadian owned businesses.


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## nathan79 (Feb 21, 2011)

https://www.buycanadianfirst.ca/home


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