Ladbrokes Set for Layoffs
Ladbrokes is getting ready to lay off as many as 100 employees as operations shift towards its new Tel Aviv operation. It’s all part of an ongoing restructuring that could last for some time.
London-based Ladbrokes employees are sweating bullets today after the company announced it will be laying off as many as 100 employees. The move comes as the company points its focus more towards its Tel Aviv operations.
According to a report in EGR the move has been in the works behind the scenes for some time as part of the company’s big picture restructuring. The shift to Tel Aviv will focused on the company formerly known as The Nation Traffic, which is now known as Ladbroke Israel.
In a statement to the press, company officials said that the move was necessary, “…in order to maximise the potential,” of their newest subsidiary. Of course that potential will be cold comfort to the employees who, “…have been placed at risk of redundancy.”
The specter of layoffs isn’t too surprising given Ladbrokes’ Q1 results, which were less than spectacular. For the first part of the year, company profits were down a whopping 28.9% and company officials didn’t seem overly enthusiastic about future prospects.
2013 has definitely been an up and down year for Ladbrokes. Sports betting revenues are up 13.2%, but casino gaming is down 11.4%.
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