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.
Verdens Gang, VG, is Norway's largest newspaper. The circulation number has dropped significantly throughout 2005 and 2006. In 2005 the number of copies dropped by 21,000, a trend that has continued during the first quarter of 2006 (down by 32,600 compared to the first quarter of 2005). In addition the revenues from advertisements have dropped by 10% last year.
The board therefore announced on 11 May 2006 the decision to cut costs by 100 MNOK. This equals the annual pay for 70-90 employees, which is the number that will be dismissed. Today the newspaper has alltogether 438 employees, of which 230 are journalists and 56 are graphical workers. It was not announced which groups would be affected most.
Until Midsummer, the management and the unions will discuss how the cuts shall be done. All employees will get an offer for severance pay.
At a meeting with all employees on the 21st of August, the final plans were announced - meaning a total downsizing of 92 manyears. The editorial staff (mainly journalists and graphical workers) will be reduced by 66 people (from 318) and administrative staff with 26 (from 122). The employees have time until the 2nd of October to apply for voluntary severance pay. The leader of the local graphical union told the media the same day that they would not accept any dismissals.
Eurofound (2006), Verdens Gang, Internal restructuring in Norway, factsheet number 63478, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/63478.
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