Monster lays off 180 in US, internationally
16 Feb 2017
Monster Worldwide, under new ownership and no longer publicly traded, is laying off 180 people, the company said this week.
Most of the people laid off are sales reps, but at least one high-level executive in New York City was also cut, the AIM Group learned. Other layoffs were outside the United States.
“Monster is taking steps to become more successful, renewing our focus on serving customers and job seekers,” the company said in a statement, first reported by WPDE of Myrtle Beach / Florence, S.C. Monster has a major sales operation just off Interstate 95 in Florence.
“This includes changing our organization to best align with our strategic priorities and has resulted in the elimination of 180 positions, largely in the U.S. and primarily in sales,” said Rachel Rampino of Monster. (The statement was not issued by either of its usual media representatives, Matt Anchin or Kristen Andrews, who could not be reached for comment.)
Randstad Holding NV, a Netherlands-based global staffing company, bought Monster Worldwide in October for $429 million U.S. after a battle over price with Media News Group, a U.S. media company. Since then, CEO Timothy Yates left and has been replaced with Mark Stoever; chief legal officer Michael C. Miller also left.
The company’s last earnings report before Randstad took over was ugly, with revenue in North America down 16 percent year-over-year in Q3. Overall revenue was down 13 percent year-over-year. The company reported a net loss of $180.5 million during the quarter.
The Monster statement said the company “is evolving to stay highly competitive, gain market share and create a more unique value proposition in the marketplace.”