Pierre Karl Peledeau's foray into convergence occured just as the markets peaked, and the move has left Quebecor $7 billion in debt. While the printing operations are in the black, the new media divison is $1.5 billion in the red, leaving Quebecor struggling to make payments. And on the heels of merging NetGraphe with CANOE in a bizarre reverse-IPO, the company's top brass are paying the Toronto troops a visit tomorrow.
Those troops are still reeling from three rounds of lay-offs within nine-months, the first of which announced by Quebecor COO Monique Leroux with compassionless laughter. Given all this, and the fact that the company executive is not known for its employee pep talks, rumours of "Layoffs, Round IV" are running strong.