Baltic, Employment, Markets and Companies
International Internet Magazine. Baltic States news & analyticsThursday, 02.09.2010, 22:31
Olympic casinos to lay off nearly 10% of employees till December 2008
Juhan Tere, BC, Tallinn, 07.11.2008.
Print version
Print versionOlympic Entertainment Group, the biggest casino group in the Baltic States, intends to cut its number of employees by 10% by the end of December 2008, writes Postimees Online/LETA.
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During the restructurising process, the group has decreased its number of employees by 288 jobs or by nearly 7 per cent since the beginning of the year 2008. OEG will continue the optimising plan in the fourth quarter, focussing from the Baltic States to Poland and Ukraine.
In 9 months the group has closed down a total of ten casinos with negative cash flows – eight of them in the third quarter. OEG expects that from August to December this practice will have a positive effect on the profits – by up to 30 million kroons.
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