Fintech giant One97 Communications Ltd, which owns the Paytm brand, has initiated undisclosed employee layoffs while simultaneously offering outplacement assistance for their smooth transition, according to a statement. During the March quarter, Paytm observed a reduction of approximately 3,500 sales employees, bringing the total count to 36,521 individuals, primarily due to the ramifications of the…
Retailers are increasingly considering redundancy and restructuring options, as economic headwinds and trading costs hit the bottom line. Ragtrader can reveal the workplace relations team at the National Retail Association has fielded more than double the number of retailer enquiries pertaining to redundancy and restructure from 1 January 2024 to May 2024, compared with the…
What is the Small Business Restructuring process? Australias Small Business Restructuring (SBR) process is a formal insolvency process introduced by the Federal Government in 2021 to give small businesses the opportunity to restructure their debts while directors remain in control of the business, under the supervision of a restructuring practitioner. The SBR process involves a…
Experts from Shoosmithss corporate restructuring and advisory team have led the restaurant group Tasty PLC through a successful restructuring plan which was sanctioned at a hearing on 4 June 2024. The plan will allow a comprehensive restructuring of the Groups business and stabilise its future. This restructuring plan is the first restructuring plan of a…
2023 was a tough year for the biopharma industry, with several companies downsizing and restructuring their workforces to stay afloat. There are signs of recovery, as mergers and acquisitions picked up across the pharmaceutical and life sciences industry in the latter part of 2023 and have continued their upswing into 2024. Will the job market…
The London-headquartered business – which is behind the dim-t and Wildwood restaurant chains – faced an uncertain future after persistent difficult trading conditions impacted its profitability. The business hired advisers from FRP to advise on the possibility of securinng a restructuring plan in the courts, a set of procedures and measures that were introduced as…
One in fifteen European companies are facing significant pressure to restructure this year after being hit by higher financing costs and weakening consumer demand, with Germany, Austria and the Nordics particularly under strain, according to a report by Boston Consulting Group. Around a third of businesses in Germany and Austria also face what BCG dubs…
With businesses collapsing at levels not seen since 2012, Grant Thornton Australias John McInerney suggested that the small business restructuring scheme could be a more favourable option than a payment plan. He made the comments ahead of his session at the ACE24 Accounting Conference and Expo 2024, where he will unpack how accountants can help…
Australia has not been immune to the economic impacts of global financial and geopolitical events. The recent global economic downturn has brought about a heightened focus on financial stability and risk management in Australian businesses. Sponsors and financiers alike are now navigating a complex economic terrain marked by: volatile markets; supply chain disruptions; asset re-valuations;…
In a move that threatens to set a precedent across the tertiary education industry, Western Sydney University (WSU) has launched a wholesale restructuring and destruction of scores of jobs at WSU College, the universitys wholly owned feeder college. Western Sydney University [Photo: eminentedu.com] The educators and professional staff at WSU College face the elimination of…