Restructuring events
European Restructuring Monitor (ERM)
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.
The owner of Classic FM and London's 95.8 Capital FM, GCap Media announced up to 100 job cuts from its 1,400-strong workforce. It has tripled its cost savings target as it seeks to regain the confidence of the stock market after making a stuttering debut as the UK's largest commercial radio broadcaster. The cuts will form the major part of a new cost savings target of £25 million, raised from the £7.5 million promised at the time of the merger. Steve Orchard, the GCap operations director who will oversee the cost-cutting, admitted that the recent merger had distracted a sales force that had borne the brunt of initial job cuts. 'We accept that the merger was a distraction for our sales staff and a distraction for our management. We want a management structure that is fleet of foot, that gives the best customer service in the industry,' he said.
Eurofound (2005), GCap Media, Internal restructuring in United Kingdom, factsheet number 62317, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/62317.