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November 8, 2012
07:32 EDTMWWMonster Worldwide announces restructuring actions
The company will implement a corporate restructuring to focus on its core business and reduce its cost structure in order to improve profitability and cash flow. The restructuring actions announced today include: Pursuing a sale of ChinaHR and classifying the asset as held for sale in third quarter financial results. As a result, ChinaHR is excluded from third quarter continuing operations and prior results have been restated to reflect this change. The Company reported a non-cash asset impairment charge and deferred tax asset write-off of $225M related to ChinaHR in the GAAP operating results. Evaluating all options for developing markets and substantially curtailing the losses incurred in those markets. Continuing and accelerating the redeployment of expenses into marketing and sales in Monster’s core markets, while reducing the run rate of operating expenses. This series of actions described above is expected to reduce Monster Worldwide’s operating expense by approximately $130M on an annualized basis. Cumulative pre-tax charges within the range of $50M-$60M will be recorded, of which the majority will be cash and recorded in the fourth quarter 2012. The Company anticipates the majority of these actions will occur by year end.
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