Stingray Radio has temporarily laid off just under 90 employees nationwide due to what Steve Jones, SVP Brands & Content, Radio, describes as a “sudden and dramatic drop in advertising.”
Jones said the layoffs primarily impact employees that given social distancing measures and the downturn in ad revenue, no longer have work to do.
“The positions impacted include some copywriters, admin, reception, promotions staff, and others who cannot do their jobs in this climate,” said Jones, who added that affected employees are receiving top-up provisions and will continue on the company benefit plan.
Additionally, Stingray staff across the company have accepted a temporary wage rollback that amounts to 10% for the majority of employees and 75% for CEO Eric Boyko.
“While there is no set timeline to these measures, our goal is to make it as short-term as possible. We are also closely monitoring recently-announced Government of Canada incentives to assess if we can recall staff even sooner,” said Jones. “None of these steps were taken lightly, they are simply necessary given the unprecedented situation our industry is in. Ideally we will weather this storm quickly, remove these short-term measures, and emerge a stronger company on the other side of this crisis.”
Montreal-based Stingray employs about 1,200 people worldwide. Jones said at this juncture, the layoffs are contained to Radio, the company’s primary ad-supported division.
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