Receive daily articles & headlines each day in your inbox with your free ERE Daily Subscription.

Not logged in. [log in or register]

Layoffs At Monster Worldwide

by Dec 5, 2012, 10:49 am ET

Monster Worldwide laid off an undisclosed number of workers Tuesday, and closed its operations in Brazil and Mexico.

One report put the number at 800, while a Twitter post simply described it as “massive.”

A company representative confirmed there were layoffs, but offered few specifics. In an emailed statement, the representative said:

Consistent with previously announced plans during the company’s Q3 earnings call to concentrate resources on business in North American and key European and Asian markets, Monster has taken a number of corporate restructuring initiatives to strengthen our core markets and increase the company’s profitability.  This includes pursuing a sale of our China HR business, closing operations in Brazil and Mexico and restructuring our global workforce to reduce our operating expenses.  Monster remains committed to providing leading talent recruitment solutions to our customers in more than 40 countries.

Last month, Monster officials said during the company’s third-quarter financial call with investment analysts, that layoffs were likely in the future. CFO Jim Langrock said during the call that the layoffs would come in the development area, a consequence of both the completion of the company’s latest search and cloud technology projects, as well as the decision to cut costs.

A previous layoff last January involved about 400 workers.

Monster has been struggling for several quarters, announcing earlier this year that it was reviewing “strategic alternatives,” Wall Street code for selling the company or parts of it. Last month, Monster said it would seek to sell its Asian job board ChinaHR, and would shutter or sell off other operations.

Its stock is currently at about $5.50 a share, down about 2.6% today.

This article is provided for informational purposes only and is not intended to offer specific legal advice. You should consult your legal counsel regarding any threatened or pending litigation.