Is Morty on the chopping block?

All the mags I shoot for are to be gone in the new year.
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MTS Allstream plans to eliminate between 750 and 800 jobs in a cost-cutting move.

The company estimates it can save between $50 million and $60 million annually by chopping the jobs, which make up about 12 per cent of the company's workforce.

The Winnipeg-based telecommunications company (TSX:MBT) said the majority of the cuts will be made in the first half of 2006. According to MTS Allstream's website, the company currently employs about 6,600 people.

MTS officials say 80 per cent of the job cuts will be out of province. In Manitoba, the reduction will affect about 100 jobs in the first half of 2006.

The company aims to save at least $100 million over the next two years as part of a broad restructuring plan. The company will take a one-time charge in the fourth quarter of this year that will cut its earnings per share by between 38 cents and 40 cents.

MTS Allstream provides communications services to residential and business customers in Manitoba, and operates a 24,300-kilometre national broadband fibre optic network.

MTS paid $1.7 billion in cash and shares for Allstream in 2004.