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Italy's RCS plans 800 layoffs, sell property - sources
February 11, 2013 / 2:30 PM / 5 years ago

Italy's RCS plans 800 layoffs, sell property - sources

MILAN, Feb 11 (Reuters) - Italian publisher RCS MediaGroup plans to lay off 800 people, 640 of them in Italy, in what could save the company 80 million euros ($107 million) per year, sources familiar with the situation told Reuters.

RCS, publisher of Italy’s most influential newspaper, Corriere della Sera, and of Spain’s El Mundo, is also planning to sell two of its Milan offices, the sources said.

The company has also put up for sale 10 magazines, which it would close if no buyer were found, the sources said.

Shares in RCS pared losses after the news of the planned layoffs. By 1419 GMT, the stock was down 0.43 percent at 1.17 euros.

In December, RCS MediaGroup said it would need a large injection of capital to accelerate its digital transition and reverse losses over the next three years.

$1 = 0.7474 euros Reporting by Claudia Cristoferi

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