Canadian coffee and doughnut chain Tim Hortons confirmed on Tuesday it will cut jobs as it reorganizes after being acquired by U.S. fast food chain Burger King for C$12.64 billion ($10.20 billion) last year. Tim Hortons declined to provide exact figures on the number of employees to be affected, saying it is still in the process of reorganizing. The Financial Post reported last week that a "significant" number of the roughly 1,400 employees at its head office in Oakville, Ontario, and in regional offices would be let go."We have had to make some difficult but necessary decisions today as we reorganize our company to position ourselves for the significant growth and opportunities ahead of us," said company spokeswoman Alexandra Cygal.Burger King announced its takeover of the Canadian chain in August in a deal that created the world's third-largest fast-food restaurant group. The two fast food chains are now a combined company, Restaurant Brands International Inc, majority owned by a New York-based Brazilian investment firm, 3G Capital.Some employees will take on new roles, Cygal said, but those leaving the company will be given enhanced severance packages and continuing health benefits.
Restaurant Brands International Inc is the parent company for Tim Hortons Inc. Shares of QSR traded higher by 1.0% or $0.39/share to $39.24. In the past year, the shares have traded as low as $34.86 and as high as $42.98. On average, 2144460 shares of QSR exchange hands on a given day and today's volume is recorded at 489922.
Restaurant Brands International Inc is the parent company for Tim Hortons Inc. Shares of QSR traded higher by 0.75% or $0.36/share to $48.68. In the past year, the shares have traded as low as $40.25 and as high as $49.99. On average, 1134550 shares of QSR.TO exchange hands on a given day and today's volume is recorded at 220684.
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