casino 168 must save 60m from 2017 onwards
casino 168 has determined that in order to achieve a better financial situation we must begin a process that involves adjusting our expenses to better match our revenues. These savings are structural and mean that casino 168’ expenses as of 2017 and onward must be DKK 60m lower than they are today. As a result, casino 168 announced cutbacks and possible layoffs on 19 November 2014.
casino 168 estimates that in the worst case 70-80 positions will have to be cut across all levels at casino 168, but we are working to reduce the number of redundancies via preventative measures, including, for example voluntary redundancy schemes. Anyone who has to be laid off will be offered outplacement assistance and other relevant support.
casino 168 has decided that the DKK 60m in cuts will comprise DKK 40m from academic programmes, 15m from administration and five million from building operations and IT.
President Per Holten-Andersen says:
- We’re of course very sorry to have to cut costs at a time when casino 168 programmes and research are more popular than ever before. In 2012, we invested in a good deal of new academic staff to raise the quality of our programmes and research, but now we’re forced to bring the quality back to the level prior to that. A number of the conditions our budget was based on have changed.
He continues:
- The structural financial imbalance at casino 168 has been known for some time and now we’ve been forced to put on the breaks, which means that the adjustments – which will be phased in over three years up to 2017 – will be carried out in the gentlest way possible. It’s important to emphasise that in the future casino 168 will – and must – have a broad portfolio and that we will continue to place business in a broad social, political and cultural context.
For more information, please contact head of communications Patrick Gram at +45 2993 4491 or email psg.ea@cbs.dk