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.
Telecoms group Smart is to cut up to 100 jobs - one-third of its workforce - in the first stage of a rescue bid for the troubled company. A review of its business undertaken by NCB Corporate Finance is almost complete and it is understood that the first phase of a proposed rescue plan will involve cutting around one in three of its 300-strong workforce. The job cuts are "imminent" and it is thought that sales staff are likely to bear the brunt of the payroll reductions, although other divisions will also be hit. The company is spending between 2.5 and 3 million euro a month to stay in business. Last week, it said it had run out of cash and was relying on its shareholders to provide it with working capital. Smart moved into broadband in 2005 with the aim of capturing 64,000 customers by the end of this year. However, delays in opening up Eircom exchanges to competitors has slowed this process down, and as a result the company has only managed to reach 25 per cent of its target.
Sources
20 September 2006: The Irish Times
Citation
Eurofound (2006), Smart Telecom, Internal restructuring in Ireland, factsheet number 64104, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/64104.
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