Directories group SoLocal to cut around fifth of workforce

Solocal SE

13/02/2018 13:59

PARIS, Feb 13 (Reuters) - French online directories group 
SoLocal  LOCAL.PA  said it would cut around 1,000 jobs - out of 
a total workforce of 4,500 - in the next two years as part of a 
broader strategic plan aimed at restoring its fortunes. 
    The company, which has been undergoing a restructuring aimed 
at cutting its debts over the last year, added it hoped to be 
able to return to sales growth in 2019. 
    "Last year, SoLocal completed a major financial 
restructuring that allows it to prepare its future," said chief 
executive officer Eric Boustoller.  
    "Nevertheless, the company faces a continued erosion of its 
revenue and market share and high fixed costs that hinder its 
investment capacity. That is why it is essential to immediately 
give the company a new strategic impetus," he added. 
    SoLocal, which runs the "PagesJaunes" brand, said it would 
look to expand its range of digital products and look to improve 
the PagesJaune and Mappy media platforms.  
 
 (Reporting by Gwenaelle Barzic 
Editing by Sudip Kar-Gupta) 
 ((sudip.kargupta@thomsonreuters.com; +33 1 49 49 53 84; Reuters 
Messaging: sudip.kargupta.thomsonreuters.com@reuters.net)) 
 
Keywords: SOLOCAL REDUNDANCIES/