Later than any of its peers, Booking.com announced Tuesday it will be restructuring, and eliminating up to 25 percent of its global employee base, a number Skift estimated to be roughly 4,300 employees. Glenn Fogel, the CEO of both parent company Booking Holdings and Booking.com, is expected to tell Booking.com employees that Covid-19 hit Booking.com…
kikki.K founder Kristina Karlsson will stay on as shareholder and leader of the business. The Australian design retailer was placed into voluntary administration in March, blaming external pressures such as Brexit and social unrest in Hong Kong. A partnership with US-based EC Design will see kikki.K continue to trade online,in addition to a selective retail…
Co-founders Kirstina Karlsson, who started the business in 2001, and Paul Lacy will continue to run the business and will remain shareholders, with kikki.K operating as an Australian sister company to Erin Condren. Following the collapse, nine potential buyers expressed their interest in the brand within 24 hours, the founders said, and customers flocked online…
James Stewart, a business restructuring expert with KPMG who specialises in retail, said while sellers of food, consumer electronics and tech already operating online were likely to remain profitable, Monday’s government announcement would hit hard those trading in fashion and other discretionary goods from city and suburban shops. The shift to working from home, the…
Image copyright Reuters HSBC plans to speed up job cuts after interim profits plunged and the bank said bad loans linked to the coronavirus could reach $13bn (9.8bn). HSBC boss Noel Quinn said it will “accelerate” an earlier restructuring plan which included axing 35,000 jobs. “Our operating environment has changed significantly since the start of…
James Stewart, a business restructuring expert with KPMG who specialises in retail, said while sellers of food, consumer electronics and tech already operating online were likely to remain profitable, Monday’s government announcement would hit hard those trading in fashion and other discretionary goods from city and suburban shops. The shift to working from home, the…
HSBC plans to speed up job cuts after interim profits plunged and the bank said bad loans linked to the coronavirus could reach $13bn (9.8bn). HSBC boss Noel Quinn said it will “accelerate” an earlier restructuring plan which included axing 35,000 jobs. “Our operating environment has changed significantly since the start of the year,” he…
With many companies already facing unsteady financial ground before the onset of this crisis, the economic consequences of Covid-19 will transform GCCs business landscape for the foreseeable future. For the majority of organisations, it will be key to address issues related to debt, cash flow and balance sheet, better sooner than later. With over 25…
AUSTIN, Texas–(BUSINESS WIRE)–Mood Media, the worlds leading on-premise and connected media solutions company dedicated to elevating the Customer Experience, today announced that it has taken the next step to implement the prepackaged financial restructuring plan that will reduce the Companys debt by approximately $404 million. The transaction provides the Company with the financial flexibility necessary…
SNC-Lavalin Group Inc. is restructuring its money-losing resources business with a plan to sell off or shut down the non-profitable parts and fold the remnants into its engineering services division. The announcement Friday came alongside earnings that fell short of analysts expectations as the engineering giant lost $111.6 million in the second quarter compared to…