Second quarter revenue from rental operations was $221.2m, compared to $232.2m for the same period in 2008.
The company blamed the revenue fall on significant reductions in customer employment levels, lost business as a result of customers’ financial difficulties and a drop in the value of the Canadian dollar..
Earlier in January the company reduced its North American workforce by approximately 340 jobs and eliminated approximately 120 unfilled posts. It anticipates annual savings of approximately $14m.
“While decisions to eliminate jobs are difficult, we’ve taken additional actions to further streamline our operating costs,” said Richard Marcantonio, G&K’s chairman and chief executive officer.
