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mm02 slashes UK workforce by a fifth

Surprise job losses across UK and German offices...
Written by Aled Herbert, Contributor

Surprise job losses across UK and German offices...

mm02, the company formerly known as BT Cellnet, is cutting 1,900 jobs in an attempt to cut costs. The redundancies represent around 13 per cent of the company's workforce and will result in a one-off charge of around £110m. The company said the cuts are planned for the year ending March 2003 and will save it around £70m a year. mmo2 was spun off from BT last year in an attempt to reduce the telco's debt mountain. The company's UK offices will be hardest hit, with the company reducing its staff by 1,400 to 6,100 over the next year. The company also plans to close 133 of its 320 retail outlets. mmo2's German division Viag Interkom will also close down stores and slash its workforce from 3,900 to 3,400. More to follow...
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