Sophos plans to cull its workforce by up to 16 percent and close some offices just three months after being acquired by private equity firm Thoma Bravo, according to media reports. Sophos confirmed the restructuring in a statement to CRN, but did not respond to questions about how many workers were impacted and in what…
Dufry is making sweeping changes to its business in a bid to accelerate growth and support profitability during the recovery phase of the economic crisis and beyond, it announced today. The changes, in place from 1 September, include: the integration of its headquarters and divisions, as well as rationalising its country groupings from 23 down…
When youre planning a major restructuring of your company things start to look like a tangled web, especially if downsizing is involved. Whether youre scaling up or scaling back, all the moving pieces often turn into a giant swirling tornado. Confusions surrounding leadership structure and reporting processes can make simple tasks a complicated mess that…
Most large German companies that go through a financial restructuring do so with the aid of a restructuring expert report (Sanierungskonzept) in the form of the IDW S6, a standard published by the Institute of Public Auditors in Germany. For German companies in financial difficulty the IDW S6 is the plan back to profitability. During…
NEW YORK–(BUSINESS WIRE)–Jun 8, 2020– Paul, Weiss, Rifkind, Wharton & Garrison LLP announced today that Andrew M. Parlen is joining the firm as a partner in the Restructuring Department, resident in the New York office. Mr. Parlen represents public and private companies, ad hoc groups of creditors and investors in a variety of distressed situations,…
Less than two weeks after taking its business private, Hong Kong based sourcing giant Li & Fung is restructuring in a move that will potentially see the loss of more than 150 jobs. The company, which has been buffeted by the US-China trade war and customer bankruptcies, says the global coronavirus pandemic has been the…
Frankie & Bennys owner The Restaurant Group (TRG) has confirmed it is in talks with its landlords over restructuring plans, as it looks to shed up to 120 of its sites. It is understood that the casual dining business is set to permanently close between 100 and 120 restaurants, in a move which will affect…
PITTSBURGH–(BUSINESS WIRE)–PPG (NYSE:PPG) today announced that it has approved significant and broad restructuring actions to reduce its global cost structure. The company cited weakened global economic conditions stemming from the COVID-19 pandemic and related pace of recovery in a few end-use markets, along with further opportunities to optimize supply chain and functional costs. When completed,…
June 8th, 2020 Jason Jiang Europe, Offshore 0 comments Norwegian offshore driller Borr Drilling has obtained significant amendments to facilities from its secured lenders and shipyards that will provide total liquidity improvement of more than $315m until the first quarter of 2022. Under the amendment agreement, the company will defer the delivery of five newbuild…
Kate Hesson Redundancies are generally made to save a business financial cost but they add a human cost for business leaders who must make people redundant, for team members who must leave and for those who may stay. In the current economic climate, it is likely that we know at least one person from one…