New owner of Spain's Marsans to slash jobs: reports

19th June 2010, Comments 0 comments

The new owners of troubled Spanish travel group Marsans, turnaround specialist Posibilitum, plan to dismiss over half of all the firm's workers, two newspapers reported Saturday.

After acquiring Marsans, one of Spain's biggest and oldest tour operators, last month for 600 million euros (740 million dollars), Posibilitum is studying two options to "guarantee the immediate future" of the travel group, business daily elEconomista reported.

Under one scenario under study, Posibilitum will dismiss 1,179 of Marsans' total staff of 2,079 or 56.7 percent of the total, it said.

A second scenario would see the dismissal of 1,479 workers or 71 percent of the total, the paper added.

Posibilitum will also close half of Marsans' offices across the country and move out of its modern headquarters in Madrid in order to save money, according to a report in another business daily, Expansion.

When Posibilitum bought Marsans it said it would sell assets, streamline operations and cut costs to return the company to profitability as quickly as possible.

Marsans was co-owned by Gerardo Diaz Ferran, president of the Spanish employers' organization CEOE.

Its financial difficulties took a turn for the worse in December when a British court ordered its airline Air Comet to close due to its massive debts. In March Marsans' insurance company Seguros Mercurio went under.

© 2010 AFP

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