BGN Entrepreneur

Until recently, the footwear retailer–Barratts Priceless employed 3840 staff in 191 Barratts and Priceless Shoes stores, plus 374 concessions of which 359 were in Arcadia Group stores.
However, following the administrators’ failure in finding a buyer for company’s concession business, over 1600 staff at Barratts in the UK and Ireland will be made redundant.

The Dutch electronics group–Philips announced that the company was about to axe 4500 jobs in its domestic Dutch operations as its third-quarter earnings plunged and the outlook for its products remains uncertain. The downsizing comes amid sagging consumer confidence in two of Philips’ key markets–Europe and the US.
The job cuts will be part of a [...]

Europe’s largest hedge fund company in terms of number of employees－－Man Group has seen its share price tumble 30% ever since a pre-close trading update which revealed a surprise drop of $6bn in assets. The hedge fund company then doubled the number of job cuts it plans to make by the first quarter of [...]

The Finnish handset maker–Nokia is going to cut down 3500 jobs and close a manufacturing factory in Romania, as the world’s largest maker of mobile phones by volume went on the evolution to deal with the growing influence of smartphones on its markets.
According to the company, it is said that the closure of the plant [...]

The investment banking division of HSBC posted weaker figures duet to the grim trend revealed across Europe last week. The performance of the bank was driven by a particularly strong improvement at its retail and wealth management division, where the profits rose by 131% as the charges for loan impairment fell.
HSBC has already stripped out [...]

According to the Lloyds Banking Group, of which the British government owns 41%, it is announced that it planned to cut down 15,000 jobs by the end of the year 2014. Besides, the group is also looking to scale back its overseas operations as part of a larger reorganization, that is aimed at allowing the [...]

The world’s biggest drinks firm–Diageo has unveiled a major shake-up of its drinks business that could witness the loss of hundreds of jobs in Europe as the group focuses on driving growth in the booming African and Latin American economies where the sales were up by 17% and 10% respectively.
According to the maker of Smirnoff [...]