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.
Some 280 jobs are to be cut at Thus, an internet service provider. This follows an announcement that it plans to buy Your Communications (YC) and Legend Communications. The company envisages that 15% of the 1,850-strong workforce of the enlarged group will lose their jobs as Thus consolidates its position in the market place. The firm is not yet certain whether the cuts will be made at Thus, YC or Legend, although it's likely all three firms will be hit. In a memo issued to staff at Lancaster-based ISP Legend informing them of the deal, they were told that Thus' acquisition would provide 'exciting opportunities for members of staff' and 'brings an end to the uncertainty that has been hovering over us for the past few months'.
Sources
2 February 2006: The Register
Citation
Eurofound (2006), Thus, Merger/Acquisition in United Kingdom, factsheet number 62897, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62897.
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