Canadian telecom giant Bell is undertaking a significant restructuring, slashing 9% of its workforce to save $250 million annually. The company will close 107 The Source electronics stores, with Best Buy assuming operations of 58 remaining locations. Additionally, Bell plans to sell 45 of its 103 radio stations to regional groups.
Challenges like unfavorable government policies, legacy business declines, and a tough macroeconomic climate with high interest rates and ongoing inflation have impacted Bell.
This restructuring, including capital spending cuts following CRTC’s decision on wholesale prices, reflects Bell’s strategic response to these challenges. Bell’s shares saw a more than three percent drop on the Toronto Stock Exchange on Thursday.
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