EBITDA declined primarily on the sales decline, increased advertising and a non-cash publishing contract impairment charge of $ 4 million, partially offset by prior year
pension settlement charges.
The government's plans for a
new pensions settlement will have fairness for women at their heart, John Hutton said today.
For the fourth quarter, Retail incurred an EBITDA loss of $ 11.1 million, which includes a previously disclosed $ 20.9 million
pension settlement charge related to the termination of the Company's pension plan.
On a consolidated basis, the fourth quarter EBITDA loss was $ 26.0 million, which includes the $ 20.9 million
pension settlement charge.
I suspect this story will run & run for most of 2014, but eventually
a pension settlement will be reached — ideally, it also includes some limited agreement on pay restraint & labour flexibility.