EMI To Eliminate One-Third Of Workforce
The new owners of music label EMI Group -- home of the Rolling Stones, Coldplay and the Spice Girls -- said Tuesday that they plan to cut up to 2,000 jobs, or more than a third of its work force, in a restructuring aimed at offsetting the impact of falling revenue from CD sales and the departure of several of its major artists.
EMI said it hopes the restructuring of its recorded music division, to be completed in six months, will save up to 200 million pounds ($400 million) a year.
The company said sales, marketing, manufacturing and distribution would be combined in a single, global division. The changes will entail the loss of 1,500 to 2,000 jobs from the current work force of 5,500. About a third of the job cuts will be in Britain, where EMI is based, the company said.
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AP | Jill Lawless | January 15, 2008 08:31 AM