LONDON (Hypebot) â€“ These are tough times at EMI. Sources tell Hypebot that morale is at an all time low in many departments with staffers unsure of their future four months after new owner Terra Firma promised 2000 job cuts. Deal making, except in the publishing division, is also said to be at a standstill as outsiders wonder if the person they're talking to will be around next week.
A NY Post piece yesterday claims that money and EU employment regulations are behind the delayed cuts. Sources told the Post that restructuring costs were running higher than Terra Firma and Guy Hands had anticipated and more capital was being raised. Others are blaming tough EU employment laws which require a lengthy review process before and pink slips can be handed out.
Whatever the reasons, the staff and artists at EMI are left disillusioned and without a clear plan moving forward. Not a great start for Hands & CO.