More than 140 people across the country are out of work, including more than 100 in Waterloo Region, after receiving layoff notices Wednesday from Economical Insurance.
Economical which is headquartered on Westmount Road South in Waterloo and has a satellite office on Riverbend Drive in Kitchener, boasts more than one million customers.
In an email to CTV News, Economical chief human resources Dean Bulloch said the layoffs were an effort to improve the company’s competitiveness and efficiency.
“To foster future growth and sustain our competitive advantage, difficult decisions have had to be made, including decisions that directly impact our employees,” he said.
A total of 143 people are affected by the layoffs, including 104 in Waterloo Region.
Many of the affected workers were employed in information technology.
The company’s last round of layoffs, in October 2012, saw 145 people lose their jobs including 95 in Waterloo.
