BDFM said that despite efforts to reduce expenses, the publishing group remained in a "very tight trading position and finds itself having to reduce expenses further" amid "imminent" losses of revenue following changes to the JSE regulations on the publishing of financial results.
BDFM said it found itself in "an unfortunate situation where economic trading conditions continue to tighten, revenue and advertising volumes are declining and expenses are being tightly managed".
A memorandum to employees offered them voluntary retrenchment packages but reserved the right to retain staff with essential skills.
The deadline for retrenchment applications is 7 December and the date of termination date is 31 December.
Workers aged 55 and older could opt for early retirement and would retain their benefits, the report says.
Source: Sapa via I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
