Canadian Pacific to Cut 4500 Jobs
Canadian Pacific says it will eliminate some 4,500 jobs by 2016 and expects more than a third of those to come by
year-end as the struggling railroad works to bring down its operating costs.
The Calgary-based company says the reductions will be achieved through job cuts, attrition and fewer contractors as part of its
The company says it expects 1,700 positions to be eliminated by the end of the year.
CP will move its current corporate headquarters in downtown Calgary to new office space at its Ogden Yard by 2014.
It says it will also explore options including the potential to sell surplus real estate, the Delaware and Hudson line in the U.S.
The railroad company also announced it's seeking potential buyers for a U.S. line that stretches about 1,000 kilometres across several states in the U.S. Midwest.