BDFM said that despite efforts to reduce expenses, the publishing group 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 them voluntary retrenchment packages but reserved the right to retain staff with essential skills.
The deadline for retrenchment applications is 7 December and the date of termination date is 31 December.
Workers aged 55 and older could opt for early retirement and would retain their benefits, the report says.
via I-Net Bridge
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