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Vodafone Spain to cut 25% of staff

Source: Reuters - Mon 14th Jan 2013
Vodafone Spain to cut 25% of staff

Vodafone may slash its workforce in Spain by up to 25% as it fights an escalating price war in a shrinking market while the country goes through its worst economic crisis in decades.

The British company wrote down the value of its businesses in Spain and Italy by 5.9 billion in November. The firm said service revenue in Spain declined 11% year-on-year in the 6 months to end-Sept, due to macroeconomic weakness and high unemployment.

Vodafone did not give details of how many workers could be dismissed. It will begin negotiations with labour unions on Tuesday.

A union source said Vodafone could cut around 25% of Vodafone's 4,300-strong workforce, although the company has not given any official figures to unions.

"We managed to avoid lay-offs last year by agreeing to work suspensions and salary cuts, but now everything is pointing to them wanting to fire close to 1,000 workers," the union source said.

A price war has heated up between mobile operators in Spain in recent months, as cash-strapped customers ditch their mobile phones in record numbers and some switch to cheaper virtual operators.

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