BUSINESS

Direct Energy Cuts 500 Toronto Jobs, Moves To Texas

01/20/2012 07:29 EST | Updated 03/21/2012 05:12 EDT
CP

Direct Energy is moving its headquarters out of Toronto.

The move will probably mean the elimination of about 500 jobs over the next 12 to 18 months.

The company, which has its headquarters at Victoria Park Avenue and Sheppard Avenue East, will be relocating to Houston, Texas.

Most of the 500 jobs that will be cut will be corporate office staff.

The natural gas and electricity provider, which was founded in Toronto in 1986- is hoping to expand its operations across the United States.

Direct Energy will continue to employ about 2,000 people in Toronto who will mostly service heating and cooling contracts.