LONDON (CelebrityAccess MediaWire) — Terra Firma, the private equity firm that owns EMI may be looking to for a new round of layoffs, possibly as many as 1000 jobs from troubled label group.
EMI had around 5,200 employees when it was taken over by Guy Hands and Terra Firma and by the time the dust is settled, there will likely be only 2,000 the Daily Telegraph reported.
Most of the cuts would be in the recorded music division, which is slated for an apparently painful restructuring. Terra Firma has declined to comment on the issue.
EMI has claimed deep suffering from the inclemencies of online piracy, falling CD sales and a poor release schedule. – CelebrityAccess Staff Writers