BDFM, which publishes Financial Mail and Business Day, has advised its staff that the company is considering retrenchments, Business Report reported on Tuesday.
The publisher, which is 50% owned by Sunday Times publisher Times Media Group (formerly Avusa) and 50% by Pearson, which owns the Financial Times, said on Monday that despite efforts to reduce expenses, BDFM remained in a “very tight trading position and finds itself having to reduce expenses further” amid “imminent” losses of revenue following changes to the JSE regulations on the publishing of financial results.
BDFM said it found itself in “an unfortunate situation where economic trading conditions continue to tighten, revenue and advertising volumes are declining and expenses are being tightly managed”.
A memorandum to employees offered voluntary retrenchment packages to all staff, but reserved the right to retain staff with essential skills.
The deadline for applications is 7 December and the date of termination will be 31 December.
Workers aged 55 and older could opt for early retirement and would retain their benefits. — Sapa
