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.
Sanctuary largest independent record group in the world, has cut a quarter of its staff in an effort to return to profitability. Saddled with £120 million debt the company has embarked on a huge cost-cutting drive to trade its way out of trouble. It announced that it had cut 175 employees, representing 25% of its workforce. Staffing is one of Sanctuary's biggest costs, so the reduction is expected to double the size of the savings it will make.
It is believed the bulk of the redundancies came from Sanctuary's North American operations, but were spread across its divisions. Staff were told they had lost their jobs and that most will finish before the end of the month and all will be gone before Christmas 2005. Sanctuary said it did not expect to make 'any further significant headcount reductions'.
Eurofound (2005), Sanctuary, Internal restructuring in World, factsheet number 62392, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/62392.
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