New Source Disputes EMI Claim Of No More Job Cuts
May 14, 2008 at 10:52 AM (PT)
Mixed messages seem to be coming from TERRA FIRMA, the private equity owner of EMI. While company spokespeople are telling the trades that no more job cuts are in the offing, REUTERS quoted a source who claimed there are plans to cut more jobs at the label group. The story notes that EMI, which at one time had around 5,200 employees, planned to eventually downsize to around 2,700 once the restructuring is concluded..
Jobs expected to be lost include about 500 contractors and an unspecified number of compulsory layoffs. Early this year, TERRA FIRMA admitted that it would cut between 1,500 and 2,000 jobs at the label group, which prompted protests from some of the label's artists. It is not known whether the previous layoffs met that goal, and whether more are needed to reach those numbers.
TERRA FIRMA declined to comment to REUTERS, while an EMI source pointed ALL ACCESS to a different story that quoted a label group spokesperson who described the restructuring as "almost complete" and that no more job cuts are necessary. The differing reports are here and here.