(CelebrityAccess MediaWire) — Cash-strapped industry giant Sanctuary Group announced that it will reduce its staff by 175 employees, approximately 25% of its worldwide staff, by the end of this year.
The staff was notified by a memo emailed to the full company by CEO Andy Taylor on October 7th, according to Billboard.
The majority of lay-offs are expected in North America, including the closing of the company’s offices in Canada and Raleigh, North Carolina, however the memo states that it will maintain its North American operations with a reduced staff.
For the six-month period ending March 31, the London-based company posted a net loss of £3.65 million ($6.86 million).
The company’s debt, totaling £109.3 million ($205.4 million) frightened shareholders and prompted talks with potential suitors including Warner Music Group and EMI Music, though no deals took place with either company.
Sanctuary began cutting staff in the United States in August, when it let go about 15 employees. Those on staff who will be let go by the year’s end have already been informed, says a Sanctuary source, allowing those who will continue with the company to “get on with doing business in a positive and confident manner.” –by CelebrityAccess Staff Writers