A newsroom staffer says the number of cuts was announced in a meeting with senior management Friday.
Of that group, 71 people have reportedly been offered new jobs, but it's unclear in what capacity.
With the changes, CHCH is expected to reduce its local programming from 80 hours to 25 hours a week, Unifor media sector director Howard Law reportedly told The Canadian Press.
News staff at CHCH TV learned Friday their company has filed for bankruptcy.
As of 4 p.m., newscasts were cancelled for Friday and the remainder of the weekend.
Channel Zero chair and CEO Romen Podzyhun went on the air late Friday afternoon to tell viewers that local news would return on Monday. He did not detail what changes would be happening.