HALIFAX -- One of Atlantic Canada’s largest newspaper chains has announced it is temporarily laying off roughly 40 per cent of its staff for at least the next 12 weeks.

SaltWire Network announced in a statement Tuesday that it is making operational changes in response to the COVID-19 pandemic, including layoffs and suspending the production of nearly all of its weekly publications.

"The economic ripple effect of COVID-19 hit us faster and far more aggressively than we could have ever planned for or anticipated," said Mark Lever, president and CEO of SaltWire Network. "Nearly half our total company revenue has evaporated in less than a week.”

The layoffs went into effect Tuesday and will last until at least June 15, 2020.

Lever points to the cancellation of nearly every event or conference in the region and the suspension of most advertising as major factors for the loss of revenue.

On Wednesday, Prime Minister Justin Trudeau announced a plan to provide federal support to media organizations to keep journalists working and reporting on the COVID-19 crisis.

"Right now, it is more important than ever that Canadians have access to the latest news and information," said Trudeau during his daily appearance outside his Ottawa residence. "To ensure that journalists can continue to do this vital work, our government is announcing new measures to support them."

Trudeau said details will be provided soon by Heritage Minister Steven Guilbeault.

SaltWire also announced it is temporarily suspending the production of all weekly publications across Newfoundland and Labrador and Nova Scotia, instead moving its focus to producing its four daily publications -- The Chronicle Herald, Cape Breton Post, The Guardian and The Telegram.

On Prince Edward Island, the Guardian and Journal Pioneer will be combined with all subscribers receiving The Guardian.

No changes are being made to SaltWire’s flyer distribution network.

The decision will help “protect the long-term viability of the business,” Lever said.

"Like many other businesses, we are faced with the difficult reality of making impossible decisions right now," continued Lever. "This is not what we want to do, but it's what we must do to find a sustainable way forward during this very uncertain time.”

Most SaltWire staff were already working remotely in an effort to help prevent the spread of the virus.

Remaining staff making over a certain amount will also have their hours reduced.

Lever said the company will provide medical benefits for all of the staff it has temporarily laid off.