INM cuts 564 jobs
Thursday, December 18, 2003
Independent News & Media has announced 564 redundancies, which it hopes will save it 13.2m (euro18.9m) annually.
INM said that it plans to remove duplication across its pre-press, editorial and clerical operations, although no specific details are available.
The company is also considering moving some of its facilities to cheaper locations. The restructuring will have a one off charge of 37.5m.
Independent News & Media employs 800 in the UK, 1,200 in Ireland and 3,000 in South Africa. Last week the group sold its London-based regional newspapers to Argent Regional for 62m.
by John Davies