Jan 27, 2015
By Michael Kramer
The atmosphere was tense at Tim Horton’s head office in Oakville today – as scores of employees were laid off – in the fallout from the Canadian company’s merger with Burger King last month.
The layoffs are expected to affect hundreds of employees and have also occurred at Tim Hortons regional offices in Canada and the U.S.
Before the blockbuster $12.5 billion dollar deal with Burger King created the world’s third-largest restaurant chain, Tim Hortons employed roughly 2,100 employees.
Burger King’s majority shareholder is Brazilian private-equity firm 3G capital.
In 2013 they teamed up with investing guru Warren Buffet’s Berkshire Hathaway Inc. to buy Heintz Company, in a U.S.$28-billion deal.