The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale Of Cultural And Recreation Goods In Specialised Stores 47.6 - Retail sale of cultural and recreation goods in specialised stores
270 jobs Number of planned job losses
Announcement Date
18 April 2004
Employment effect (start)
Foreseen end date
Description
WH Smith's new chief executive Kate Swann exposed the chain yesterday as a badly run organisation, lacking basic business discipline, as she revealed a collapse in profits, laid out her plans for recovery and opened the group's books to a potential bidder. She slashed the dividend by 33%, axed 270 head office jobs to save cash and unveiled £75m of one-off costs, including a £45m stock write down. WHS's book shops in Australia and New Zealand will also be sold.
Sources
23 April 2004: The Guardian
Citation
Eurofound (2004), W.H.Smith, Internal restructuring in United Kingdom, factsheet number 60299, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60299.
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