Resolute Forest Products lays off more than 1,000 because of COVID-19

MONTREAL — Resolute Forest Products Inc. is temporarily laying off more than 1,000 workers mainly in Quebec because of the COVID-19 pandemic.

Some of the layoffs could be extended if economic turbulence and lower demand persist in some of the company's divisions.

CEO Yves Laflamme says the cuts will mainly affect wood products, newsprint and specialized pulp, along with head office employees in Montreal.

Resolute employs about 7,500 people in Canada and the United States with the vast majority located in Quebec.

The company also says it lost US$1 million during the first quarter, down from a profit of US$42 million a year earlier.

Revenues declined 13 per cent to US$689 million.

Results were positive in the forest products, tissue and specialty papers sectors, but the newsprint and commercial pulp divisions posted operating losses.

This report by The Canadian Press was first published April 30, 2020.

Companies in this story: (TSX:RFP).

The Canadian Press

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