Pearson

Type
Internal restructuring
Country
United Kingdom
Region
Location of affected unit(s)
Sector
Information / Communication
Publishing Of Information; Production And Programming Of Audiovisual
Publishing Activities
58.11 - Book publishing
500 jobs
Number of planned job losses
Job loss
Announcement Date
21 January 2016
Employment effect (start)
Foreseen end date

Description

Education publisher Pearson has announced plans to cut 4,000 jobs worldwide. The company employs 5,000 people in the UK and around 500 jobs are expected to be cut from the UK operations. The company statement attributed the need to cut costs to lower volume of enrolments in the USA and to education policy shifts in the UK.  Following the news of the restructure the company's share price rose by 9%, though Pearson cautioned that it expected profits to be lower for the coming year. The timescale for the job cuts has not been announced definitively, though reports suggest that the bulk of the cuts will have happened by the middle of the year.

Sources

  • 21 January 2016: BBC Website

Citation

Eurofound (2016), Pearson, Internal restructuring in United Kingdom, factsheet number 86253, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/86253.