INM to shed around 100 jobs

Independent News and Media is to shed 'about 100' jobs as part of a financial restructuring, chief executive Vincent Crowley has revealed.

In a statement this morning, INM says that its debts will reduce from more than €460m to about €118m after reaching agreement with its lenders.

"Some of those cost cuts have already been implemented," he said.

"You'd have seen that in our interim management statement, where costs year-to-date are down approximately 11%.

"But in terms of the further cost cuts, it'll involve approximately about a cut of 10% in terms of headcount.

"That would be around about 100 people."