CORINTH – World Color, formerly known as Quebecor World, is laying off its 240 employees in Olive Branch by the end of the year.
But some of the production at the printing company will shift to the company’s plants in Corinth and in Jonesboro, Ark., according to The DeSoto Times.
Gary Chandler, executive director of The Alliance in Corinth, said he hasn’t heard how many jobs that might add to World Color’s Corinth facility.
“We’ve known for some time that this might happen,” Chandler said. “Our thoughts certainly out to the workers in Olive Branch. We’ve all seen job losses with the economy and we’re not celebrating its closing at all.”
World Color employs about 500 workers in Corinth, including 50 contract employees.
The DeSoto Times said Olive Branch World Color Vice President and General Manager Dan Leever was expected to tell employees Friday that operations would continue until Dec. 23. Workers would be given “lucrative severance packages,” according to the Times.
World Color provides print, digital and related services to retailers, catalogue companies, publishers and other business.
It was founded in 1903 and its products include advertising inserts and circulars, catalogs, direct mail products, magazines, books, directories and digital media.
The Canadian company emerged from bankruptcy protection in the U.S. and Canada in July. Then known as Quebecor, it changed its name to World Color Press, a name it had owned since 1999.
On Aug. 13, World Color announced second-quarter loss of $59.5 million revenue of $702.5 million. It was an improvement over a $77.7 million loss for the same period a year earlier.
For the first half of the year, World Color narrowed its loss from continuing operations to $185.4 million, compared to $226.3 million for the first half of 2008.
Dennis Seid/NEMS Daily Journal