Yellow Pages Cutting 300 Jobs
CBJ — Yellow Pages is cutting 300 jobs within the next month as part of a corporate restructuring as it looks to put more of its financial resources towards more high-tech digital offerings as it continues to move away from print directories. The vast majority of cuts will be managers whose jobs don’t align with the company’s digital operations.
The layoffs account for about 10% of the company’s total workforce.
Much like other companies that once strongly relied on print publication as a means of showcasing a product, Yellow Pages is in the midst of a multiyear shift to a digital focus that aims to compete with companies such as Google Inc. as a destination for information about businesses. A major turnaround strategy was put in place early last year.
In its most recent quarter, the company’s overall revenue fell 7.2%, year over year, while print revenue fell 21.2%. On a positive note, the company increased its digital visits by 5.6%.