Telefonica Czech Republic is to cut up to 2,000 jobs after a take-over by investment group PPF. Layoffs are mainly to affect senior positions, while technical personnel will not be affected.
The cuts are part of a cost savings plan and efforts to increase the company’s performance after the take-over. PPF has acquired an almost two-thirds share in the Czech Telefonica for CZK 63.6 billion.
The timeline for the restructuring is not yet clear.
Telefonica is based in Spain, operating in the Czech Republic since 2005. The company employs about 5,000 staff in the country so far. In 2012, it had announced a job dismissal of some 500 employees.