AdWeek: Havas Plans Sweeping Layoffs, Shop Closures
With its revenues down 20 percent and its debt fast approaching the amount of money it takes in each year, Havas is taking harsh steps to try to turn around. With plans to lay off 850 more employees - after about 750 layoffs earlier this year - the holding company will close or sell 20 ad agencies, further decreasing its future revenues in exchange for what is hoped will be a more profitable core centered on its Euro RSCG brand. That core will have to perform with almost unprecedented success in order to plot a path of net profits large enough to put the French firm's head above the waterline of its debt burden.
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