Torstar Corp. (TSX:TS.B), which owns The Toronto Star newspaper, is closing its Hamilton printing and mailroom operations this summer and planning to sell the property.
The newspaper publisher says the printing work done at the Hamilton facility will be transferred to TC Transcontinental Printing and other Torstar-owned facilities as well as other external printers around the Greater Toronto Area.
The Hamilton closure will affect approximately 73 full-time and 105 part-time staff, Torstar said in a news release. Torstar also said that it has extended its printing arrangements with TC Transcontinental Printing through 2024.
The closure of the Hamilton operations is expected to save Torstar approximately $4 million to $6 million annually once the change is fully implemented. Torstar will record a roughly $6-million restructuring charge in connection with the closure.
Once the property is sold, Torstar says it expects The Hamilton Spectator newspaper, which Torstar owns, will move to a new location in the Hamilton area.
Like other newspaper companies across Canada, Torstar is grappling with a decreased readership and slumping advertising revenues.
