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.
Telefonica Czech Republic is to cut up to 2,000 jobs after a take-over by investment group PPF. Layoffs are mainly to affect senior positions, while technical personnel will not be affected.
The cuts are part of a cost savings plan and efforts to increase the company’s performance after the take-over. PPF has acquired an almost two-thirds share in the Czech Telefonica for CZK 63.6 billion.
The timeline for the restructuring is not yet clear.
Telefonica is based in Spain, operating in the Czech Republic since 2005. The company employs about 5,000 staff in the country so far. In 2012, it had announced a job dismissal of some 500 employees.
Sources
4 November 2013: Financial Times
6 November 2013: Hospodárske noviny
Citation
Eurofound (2013), Telefonica Czech Republic, Merger/Acquisition in Czechia, factsheet number 76132, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/76132.
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