Hexo cuts 200 jobs including executives after revenue warnings, shares tumble writes the Canadian Business Post.
Here’s what’s being said so far…
Quebec licensed producer Hexo Corp. slashed its workforce Thursday afternoon, cutting 200 jobs across all departments and locations, including the elimination of certain executive positions.
Hexo’s stock dropped six per cent following news of the cuts, erasing a similar gain it had made on Wednesday following news of a $70 million private placement raise, led by the company’s CEO, Sebastien St-Louis.
“This has been my hardest day at Hexo Corp.,” said St-Louis. “While it is extremely difficult to say goodbye to trusted colleagues, I am confident that we have made sound decisions to ensure the long-term viability of Hexo. The actions taken this week are about right-sizing the organization to the revenue we expect to achieve in 2020.”
Read more at
Hexo cuts 200 jobs including executives after revenue warnings, shares tumble
