February 13, 2018 / 2:16 PM / 2 years ago

Directories group SoLocal to cut around fifth of workforce

PARIS, Feb 13 (Reuters) - French online directories group SoLocal said it would cut around 1,000 jobs - out of a total workforce of 4,500 - in the next two years as part of a broader strategic plan aimed at restoring its fortunes.

The company, which has been undergoing a restructuring aimed at cutting its debts over the last year, added it hoped to be able to return to sales growth in 2019.

“Last year, SoLocal completed a major financial restructuring that allows it to prepare its future,” said chief executive officer Eric Boustoller.

“Nevertheless, the company faces a continued erosion of its revenue and market share and high fixed costs that hinder its investment capacity. That is why it is essential to immediately give the company a new strategic impetus,” he added.

SoLocal, which runs the “PagesJaunes” brand, said it would look to expand its range of digital products and look to improve the PagesJaune and Mappy media platforms. (Reporting by Gwenaelle Barzic Editing by Sudip Kar-Gupta)

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