02/11/2001
UK Stepstone rocked as parent pulls financial support
Norway-based online recruitment agency, StepStone, is expected to cut jobs and restrict spending.
Stepstone is understood to be poised to axe around 500 jobs from its 800-strong workforce, and it is understood that the company has informed its UK subsidiary that it will no longer support it financially. This could spell bad news for Channel 4 Sport in the UK which is currently sponsored by StepStone.
StepStone's share price has fallen sharply on the Oslo Stock Exchange ever since it hit a peak in March 2000 of 53.50 Norwegian kroner.
Now, in a bid to become profitable, the company plans to focus on its three most successful markets Belgium, Denmark and Germany. However, operations will also be maintained to grow its businesses in Norway, Sweden, Finland, the Netherlands and Luxembourg.
The company is also trying to convince investors to boost their financial backing of the group. (MB)
Stepstone is understood to be poised to axe around 500 jobs from its 800-strong workforce, and it is understood that the company has informed its UK subsidiary that it will no longer support it financially. This could spell bad news for Channel 4 Sport in the UK which is currently sponsored by StepStone.
StepStone's share price has fallen sharply on the Oslo Stock Exchange ever since it hit a peak in March 2000 of 53.50 Norwegian kroner.
Now, in a bid to become profitable, the company plans to focus on its three most successful markets Belgium, Denmark and Germany. However, operations will also be maintained to grow its businesses in Norway, Sweden, Finland, the Netherlands and Luxembourg.
The company is also trying to convince investors to boost their financial backing of the group. (MB)
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