Saga has confirmed that 100 of its employees have been made redundant after it was hit with a £2million bill following the collapse of Monarch Airlines.
The over-50s travel and services company has not revealed where the redundancies have been made but said the process is ongoing.
A company statement released today confirmed the decision was made last week.
The statement read: “This process is being managed sensitively with all of Saga’s impacted employees.
“We are consulting with all those affected and until this process is complete we are unable to confirm the changes that will be made.
“Like many companies, we review our structure on a regular basis and in taking this action our objective is to make the business more efficient, customer focused and sustainable in the long term.
“We have made good progress this year against our strategic priorities, including the launch of a membership programme to reward our customers and the agreement to build a second new ship. The changes we have made this week will allow us to invest further in future growth.”
Saga Magazine editor Kate Bravery and art director Paul Hayes-Watkins are reportedly among a number of journalists from the business’ magazine who are being made redundant, according to Press Gazette.
There have also been unconfirmed reports of an employment freeze at the Folkestone-based company.
Saga issued a trading update on Wednesday (December 6) which said “the tour operations business had been impacted by the collapse of Monarch Airlines with an approximate one-off cost of £2million”.
The group said it was making £10m in cost savings next year by completing a review of its operating structure at a one-off cost of about £4m.
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