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.
Manufacturing Manufacture, Printing And Reproduction Of Recorded Media Printing And Reproduction Of Recorded Media 18.2 - Reproduction of recorded media
175 jobs Number of planned job losses
Announcement Date
10 October 2005
Employment effect (start)
Foreseen end date
25 December 2005
Description
Sanctuary largest independent record group in the world, has cut a quarter of its staff in an effort to return to profitability. Saddled with £120 million debt the company has embarked on a huge cost-cutting drive to trade its way out of trouble. It announced that it had cut 175 employees, representing 25% of its workforce. Staffing is one of Sanctuary's biggest costs, so the reduction is expected to double the size of the savings it will make.
It is believed the bulk of the redundancies came from Sanctuary's North American operations, but were spread across its divisions. Staff were told they had lost their jobs and that most will finish before the end of the month and all will be gone before Christmas 2005. Sanctuary said it did not expect to make 'any further significant headcount reductions'.
Sources
11 October 2005: The Guardian
Citation
Eurofound (2005), Sanctuary, Internal restructuring in World, factsheet number 62392, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62392.
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