Restructuring to continue as Global Village sees a
IT IS going to be another year of restructuring for the Global Village group.
Although the company, which owns a number of flea-markets, turned a profit for the year to February, management said last week that it would be primed for real growth only next year.
Global Village turned around a R3,2m net loss to produce a R1,22m profit in spite of revenue dropping to R35,1m from R37,9m.
While the group saw the 40% cut in jobs as a painful necessity, it resulted in a significant improvement in the group's productivity.
Marc Israelsohn, Global Village CEO, said that the effects of these changes would result in the group increasing profitability only in the short term, but the combination of the "back-office" and "front-office" restructuring would see revenue increasing next year.
Jun 03 2003 07:49:48:000AM Larry Claasen Business Day 1st Edition
Tuesday
03 June 2003
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