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Business News Live Business
SFX announces redundancies
By Andy Malt | Published on Friday 8 April 2016
SFX has announced that it will make 50 employees at its New York office redundant at the beginning of July. More job losses are expected over the summer, though this announcement has been made to comply with a 90-day notice period required under New York State law.
The former EDM powerhouse entered bankruptcy in February, of course, after two failed attempts by founder Robert Sillerman to take it back into private ownership, during which time the company’s share price plummeted. Now going through a restructuring process that aims to make savings of $300 million, as well as making redundancies SFX is offloading some of its brands, including download and streaming service Beatport.
Last week, Sillerman stepped down as SFX’s CEO, as expected. “The disappointment I know we all feel should not be the lasting impression that remains”, he told employees. “We had a bold vision, a revolutionary one. That we stumbled along the way can never detract from the energy and hope that brought us all together”.
I’m sure that will be of great comfort to those about to lose their jobs. On the plus side though, Sillerman has already found a new job. As Chairman of SFX.
