Just Energy Announces Cost Reduction Initiative, Eliminating Over 200 Positions

Note: This story was first published at 5:40 pm on March 21 with an alert to our email subscribers

Just Energy Group Inc.('Just Energy' or the 'Company') announced today the elimination of over 200 positions, which the Company said equates to approximately $40 million (all $ Canadian) in general and administrative savings in the upcoming Fiscal Year.

"These actions are in direct alignment with Just Energy’s ongoing transition to a consumer company and will generate efficiencies in the Company’s income statement," the Company said

The Company expects to incur approximately $9 million in severance costs in the fourth quarter of Fiscal 2019. However, these costs will not impact the Company’s previously stated Fiscal 2019 Base EBITDA guidance range of $200 million to $220 million, including the implementation of IFRS 15.

"Today we took actions that align with our ongoing commitment to transform our organization to a consumer company," said Patrick McCullough, Just Energy’s President and Chief Executive Officer. "These actions will serve to secure a bright future and support the best interests of all of our valued stakeholders. We are excited about the Company’s prospects for growth and profitability in Fiscal 2020," McCullough said