World economy downturn causes Irish job loss

Educational Multimedia Corporation today has issued a redundancy notice, effective immediately, to 58 of its staff in Dublin and the US.

Educational Multimedia Corporation today announced a corporate restructuring programme.

As a result of the restructuring announcement, the Company has issued redundancy notice, effective immediately, to 58 of its staff in Dublin and the US.

Following today’s restructuring fifty people will remain employed by the company.

The company has taken this action following the slowing down of the US economy, slower than expected growth in the US e-learning market and difficult capital market conditions.

This programme will allow the company to maintain a positive cash flow and speed up the drive towards operational profitability.

The restructuring will result in cost savings primarily from the US, where the company will be reducing its headcount, infrastructure and marketing expenditure in the near term.

The company will continue to have a presence in the US through a soon to be announced joint venture agreement which will enable the company to serve its existing clients and grow market share.