ITP sacks 60 employees
ITP confirms that 60 employees have been sacked, and nine titles have either been suspended or closed.
February 25, 2009 3:41 by Dana El Baltaji
ITP, the Middle East’s largest publishing house, confirmed to Kipp on Wednesday that 60 employees have been made redundant after a number of publications were closed or suspended.
According to a company statement, the following titles have been affected: Retail News Middle East; Meeting Industry Middle East (MIME); Commercial Outdoor Design; Security, Fire and Safety; Air Cargo Middle East; Developer Middle East; Arabian Property; Viva Girl; Kohl.
“Combined, these magazines represented significantly less than 5% of ITP Group Revenues in 2008,” the statement said. “As a result of the move, some 60 positions at the company will be directly impacted with immediate effect.
ITP deeply regrets the necessity of this move, which reflects the realities of the Middle East market in the current global climate.”
Kipp reported on Tuesday that numerous ITP staff members were fired this week, but the publishing house declined to confirm the number of employees it laid-off.
So, what changed their minds?