Brief: Sporting Suspends Or Reduces Working Contracts Of 95% Of Employees And Contractors

Sporting Clube De Portugal Futebol SAD

16/04/2020 06:44

April 16 (Reuters) - SPORTING CLUBE DE PORTUGAL FUTEBOL SAD
 SPSO.LS :
    * SAID ON WEDNESDAY IN LIGHT OF CORONAVIRUS UNCERTAINTY
DECIDED TO
TEMPORARILY SUSPEND WORKING CONTRACTS AND TO REDUCE WORKING
HOURS OF ITS EMPLOYEES, AS WELL AS REDUCE CONTRACTS WITH SERVICE
PROVIDERS
    * THIS WILL AFFECT ABOUT 95% OF SPORTING'S EMPLOYEES AND
CONTRACTORS
    * SAYS MEASURES TO ENTER INTO FORCE ON APRIL 16 FOR 30 DAYS,
WHICH
CAN BE EXTENDED
    * SAYS MEASURES AIM TO REDUCE FIXED COSTS AND ADD TO OTHER
MEASURES ALREADY ADOPTED, SUCH AS REDUCTION IN SALARIES OF
MEMBERS OF BOARD OF DIRECTORS BY 50%, SALARY REDUCTION OF
PLAYERS AND COACHING STAFF BY 40%, REDUCTION OF OPERATIONAL
COSTS, CUTTING INCIDENTAL EXPENSES AND SUSPENSION OR
POSTPONEMENT OF NON-CRITICAL INVESTMENTS
    * BASED ON INFORMATION AVAILABLE TODAY, THESE MEASURES ARE
ESTIMATED TO REDUCE PERSONNEL COSTS BY ABOUT 40% DURING
APPLICABLE PERIOD

    
    
 Source text: https://bit.ly/2wNtj3q
    
 Further company coverage:  SPSO.LS  
   


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