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.
Professional Services Professional Services And Management Consultancy Activities Of Head Offices; Management Consultancy Activities 70.2 - Management consultancy activities
85 jobs Number of planned job losses
Announcement Date
24 February 2009
Employment effect (start)
Foreseen end date
Description
The marketing and communications company Trainer's House has completed personnel negotiations and is cutting 81 jobs in its units in Finland. In addition, Trainer's House is cutting total of 4 jobs from its loss-making international operations in Dusseldorf, Stockholm and St. Petersburg. Originally planned job reductions were some 120 jobs.
In the weakening economic cycle Trainers' House accelerates the execution of the chosen company strategy by substantially transforming its business structure. The company withdraws from high price pressured, loss-making subcontracting work, as it yields immeasurable, non-business critical value to its customers.
The negotiations with all personnel groups is a result of the transformation program and related restructurings. The more detailed scope of personnel reductions, as well as other possible cost savings measures, will be specified during the negotiations.
As a part of the transformation program, the company has decided to pull out from its loss-making international operations in Dusseldorf, Stockholm and St. Petersburg. The termination of the operations in Germany results into a one off EUR 0.8 million goodwill write down in bookkeeping.
Net sales and operating profit for the existing year are estimated to be lower than in the previous year due to the transformation and restructuring program. The company aims for EUR 9 million annual savings resulting from transformation and restructuring. The estimated costs of the transformation and restructuring will be booked as provisions in the first quarter's reporting. This will result the ongoing quarter to be loss making.
Trainer's House employs some 300 employees in Finland after the restucturing.
Sources
25 March 2009: Uutispäivä Demari
25 February 2009: www.verkkouutiset.fi
Citation
Eurofound (2009), Trainers House, Internal restructuring in Finland, factsheet number 68328, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/68328.
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