EMCC European Monitoring Centre on Change

Terra Lycos

Company/Organisation:
Terra Lycos

Geographic Location

Country: World

Company

Sector: Information / communication
Telecommunications
61 - Telecommunications
Number Employed: 2300
Group: Telefonica

Employment Effects

Announcement Date: 30-03-2004
Planned Job Reductions min: 159
Planned Job Reductions max: 159
Type of Restructuring: Internal restructuring
Employment Effect Start: 07-06-2004
Foreseen End Date: 31-12-2004
Direct Dismissals: 129
Other Job Reduction Measures: 30

Additional Information

Terra Lycos, internet portal owned by the Telefonica group, will shed 159 of its 2,300 strong workforce in 2004. The company has announced, on 7 June 2004, a final job reduction plan in agreement with the labour representatives. The company will relocate 30 of the 159 of the employees in other centres of the Telefónica Group and will try incentivated dismissals with the 129 left. The measure will cost 8 million euros. The agreed job reduction plan will have to be definitely accepted by the regional authorities. Terra Lycos had already reduced its workforce by 600 in 2003.