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 Publishing Activities 58.14 - Publishing of journals and periodicals
80 - 100 jobs Number of planned job losses
Announcement Date
26 September 2016
Employment effect (start)
26 September 2016
Foreseen end date
31 December 2017
Description
The publishing-group Verlagsgruppe NEWS (VGN) announced to cut up to 100 jobs as part of an internal restructuring programme.
After two years of heavy financial losses of approximately €5 million, management presented plans to reduce expenses by €10 million. This will be achieved with a bundle of measures, including cut backs in office rents but also personnel costs. Restructuring measures were recommended by a business consultant and will be implemented in the following month in view of improving the company's financial results in 2017. Additionally, the publishing group wants to develop new strategies to position itself for future challenges resulting from an increase in digitalisation.
Management announced that there will be a social plan for affected employees, negotiations with trade unions will follow. The company currently employees 500 staff.
Sources
26 September 2016: Wirtschaftsblatt
26 September 2016: Die Presse
Citation
Eurofound (2016), Verlagsgruppe News (VGN), Internal restructuring in Austria, factsheet number 88721, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/88721.
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