Terra Lycos

Type
Internal restructuring
Country
World
Region
Location of affected unit(s)
Sector
Information / Communication
Information Communication Services
Telecommunications
61 - Telecommunications
159 jobs
Number of planned job losses
Job loss
Announcement Date
30 March 2004
Employment effect (start)
7 June 2004
Foreseen end date
31 December 2004

Description

Terra Lycos, internet portal owned by the Telefonica group, will shed 159 of its 2,300 strong workforce in 2004. The company has announced, on 7 June 2004, a final job reduction plan in agreement with the labour representatives. The company will relocate 30 of the 159 of the employees in other centres of the Telefónica Group and will try incentivated dismissals with the 129 left. The measure will cost 8 million euros. The agreed job reduction plan will have to be definitely accepted by the regional authorities. Terra Lycos had already reduced its workforce by 600 in 2003.

Sources

  • 30 March 2004: Les Echos
  • 8 June 2004: La Gaceta de los Negocios
  • 8 June 2004: El País

Citation

Eurofound (2004), Terra Lycos, Internal restructuring in World, factsheet number 59829, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/59829.