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.
Information / Communication Publishing Of Information; Production And Programming Of Audiovisual Motion Picture, Video And Television Programme Production, Sound Recording And Music Publishing Activities 59.2 - Sound recording and music publishing activities
175 jobs Number of planned job losses
Announcement Date
10 January 2006
Employment effect (start)
Foreseen end date
Description
UK music management business and record label Sanctuary is to cut its workforce by a quarter after a series of profit warnings following weak trading. The firm, which has offices in London, Houston, Los Angeles, New York and Berlin, is to cut 175 jobs but has not yet said where the axe will fall. Sanctuary said it hoped to achieve annual cost savings of between £7 million and £8 million. Sanctuary said negative headlines following a series of profit warnings in the past six months had hit its business, particularly its records division.
Sources
10 January 2006: BBC News
Citation
Eurofound (2006), Sanctuary, Internal restructuring in United Kingdom, factsheet number 62874, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62874.
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