AT&T Canada reports $1.4B loss

Toronto-based AT&T Canada Inc. on Tuesday reported a net loss of nearly $1.4 billion for the quarter, citing a $1.3 billion charge as the primary reason.

According to a statement issued by the company, the charge was related to “impairment of carrying values of the company’s property, plant and equipment…its remaining goodwill…and a restructuring charge associated with workforce reductions and facilities consolidation costs.”

AT&T Canada announced in May that it would be cutting 1,017 positions in part to save $80 million. While it had completed two-thirds of these reductions by the end of the second quarter, the rest are expected to be completed by the end of the third quarter. It announced last month that it plans to cut an additional 270 positions by the end of the year to save $10 million more.

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