REDUNDANCIES – AUSTRALIA

Bidders spell out Virgin job cuts to unions

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Original article by Jemima Whyte,Lucas Baird
The Australian Financial Review – Page: 13 & 16 : 4-Jun-20

Bain Capital and Cyrus Capital Partners must submit binding offers for Virgin Australia by 22 June. The two final bidders for the failed airline are under growing pressure to outline their plans for Virgin, including the likely job losses. Unions held talks with Bain and Cyrus on 3 June, and some sources have suggested that more than 20 per cent of Virgin’s employees could be retrenched. BGH Capital is said to have been looking at cutting 2,000 jobs if it had acquired Virgin.

CORPORATES
VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH,BAIN CAPITAL LLC,CYRUS CAPITAL PARTNERS LP,DELOITTE TOUCHE TOHMATSU LIMITED,BGH CAPITAL PTY LTD

Jobs go as Ten closes 10 Daily website

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Original article by Lilly Vitorovich
The Australian – Page: 15 : 19-May-20

The Ten Network has advised that its 10 Daily news and entertainment website will be discontinued as part of the network’s integration with US parent company ViacomCBS. About 20 jobs are expected to be lost due to the closure of 10 Daily, although it is uncertain as to whether the broader integration strategy will result in more job cuts at Ten. ViacomCBS Australia’s chief content officer Beverley McGarvey has stressed the need for Ten to be "platform-agnostic".

CORPORATES
TEN NETWORK HOLDINGS LIMITED, VIACOMCBS INCORPORATED

Bauer sacks 60 Pacific Magazines staff

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Original article by Lilly Vitorovich
The Australian – Page: Online : 5-May-20

Bauer Media is believed to have retrenched employees at Pacific Magazines and put the print editions of some titles on hold just days after taking control of the former Seven West Media business. Some 60 jobs at Pacific Magazines are said to have been cut, following Bauer’s recent move to stand down or lay off about 140 of its own employees. ‘InStyle’, ‘Men’s Health’ and ‘Women’s Health’ are among the Pacific Magazines titles that have been affected.

CORPORATES
BAUER MEDIA AUSTRALIA PTY LTD, BAUER MEDIA KG, PACIFIC MAGAZINES PTY LTD, SEVEN WEST MEDIA LIMITED – ASX SWM

Foxtel’s tough week as 200 jobs go

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Original article by Leo Shanahan
The Australian – Page: 15 : 9-Apr-20

Pay-TV group Foxtel has responded to the coronavirus-induced downturn in advertising revenue by retrenching 200 employees. CEO Patrick Delany has told staff that the pandemic has forced the company to accelerate a "transformation" of its business due to digital disruption. A further 140 employees who work in its sports production division have been stood down until the end of June; Delaney notes that it is uncertain as to when live sporting events will resume. He adds that Foxtel is not eligible for the federal government’s JobKeeper wage subsidy scheme at present.

CORPORATES
FOXTEL MANAGEMENT PTY LTD, FOX SPORTS AUSTRALIA PTY LTD, KAYO SPORTS

Recipe for disaster: TV chef’s empire crashes

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Original article by John Ferguson, Rachel Baxendale
The Australian – Page: 1 & 6 : 11-Feb-20

KordaMentha has been appointed as the voluntary administrator of 22 businesses in the Made Establishment Group, which was founded by celebrity chef George Calombaris. KordaMentha has issued a statement in which it notes that the business had been impacted by a wage underpayments scandal in 2017, which resulted in Made Establishment being fined $200,000 by the Fair Work Commission. The collapse of Made Establishment will result in hundreds of jobs being lost, with most of its restaurants having already ceased trading.

CORPORATES
MADE ESTABLISHMENT PTY LTD, KORDA MENTHA AND COLLEAGUES PTY LTD, AUSTRALIA. FAIR WORK COMMISSION

Harris Scarfe to cut 440 jobs, shut 21 stores

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Original article by Lucas Baird
The Australian Financial Review – Page: 14 : 7-Jan-20

Failed department store group Harris Scarfe will be restructured prior to its sale. This will result in the closure of 21 stores nationwide, including eight in New South Wales and three in Victoria. This will leave 44 stores for prospective buyers of the group, which collapsed in late December. The store closures will result in the loss of about 440 jobs; Shop, Distributive & Allied Employees’ Association secretary Josh Peak says the union’s priority will be to ensure that retrenched workers receive their full entitlements.

CORPORATES
HARRIS SCARFE HOLDINGS LIMITED, SHOP, DISTRIBUTIVE AND ALLIED EMPLOYEES’ ASSOCIATION, DELOITTE RESTRUCTURING SERVICES, ALLEGRO FUNDS PTY LTD, GREENLIT BRANDS

Foxtel cuts jobs, locks in finance after restructure

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Original article by Max Mason
The Australian Financial Review – Page: 22 : 6-Dec-19

Foxtel has confirmed that it has cut about 30 jobs following a recent restructuring which resulted in the amalgamation of three of the pay-TV group’s creative teams. The job losses comprises about 20 employees and 10 contractors, including some positions that are currently vacant. Foxtel recently completed a deal to finance its debt, with major shareholder News Corp providing it with loans that mature in 2027.

CORPORATES
FOXTEL MANAGEMENT PTY LTD, NEWS CORPORATION – ASX NWS, KAYO SPORTS

CEO shakes up Seven with new structure and job cuts

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Original article by Max Mason
The Australian Financial Review – Page: 15 & 18 : 3-Oct-19

The number of people who report directly to Seven West Media CEO James Warburton has been reduced from 17 to just eight as part of a broader restructuring at the group. Seven West Media will also hire three new executives, including the newly-created role of chief content officer. Seven will also streamline its operating divisions and shed staff as it seeks to reduce costs by about $20m in 2019-20. Warburton had flagged an overhaul at Seven West Media when he took the helm in August.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, SEVEN NETWORK LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, NINE NETWORK AUSTRALIA LIMITED, FAIRFAX MEDIA LIMITED, TEN NETWORK HOLDINGS LIMITED

Australian workers not saving enough to handle a job loss

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Original article by Killian Plastow
The New Daily – Page: Online : 11-Jul-19

Research by Finder shows that 5.9 million Australian workers have insufficient savings to support themselves for more than a month if they lost their job. The survey also found that 2.1 million Australians would be unable to financially support themselves for more than a week. Separate research by Roy Morgan shows that Australians have an average of six months’ worth of savings, although the median is about 0.8 months, or 24 days. CEO Michele Levine says people on low incomes would be hardest hit by a sudden job loss, as they are less likely to have savings.

CORPORATES
FINDER.COM.AU, ROY MORGAN LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Local staff to be hit hard in Deutsche cull

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Original article by Joyce Moullakis, Bridget Carter
The Australian – Page: 17 & 22 : 9-Jul-19

Deutsche Bank’s decision to close its global equity division will result in the loss of at least 50 jobs in Australia. The move will affect staff working in equities trading, sales, ­research and ­equity capital markets, while sources have indicated that jobs in its advisory operations will also be cut. Deutsche’s exit from equities trading is part of a broader restructuring which will result in the loss of 18,000 jobs worldwide. Restructuring costs are forecast to result in Deutsche posting a loss of EUR2.8bn for the second quarter.

CORPORATES
DEUTSCHE BANK AG, NOMURA AUSTRALIA LIMITED, CIMB SECURITIES INTERNATIONAL (AUSTRALIA) PTY LTD, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CLSA AUSTRALIA PTY LTD, JEFFERIES AND COMPANY, WILSONS ADVISORY AND STOCKBROKING LIMITED, CRAIGS INVESTMENT PARTNERS LIMITED