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Fin24 reports that Ellies Electronics would be embarking on a restructuring process, affecting 183 jobs, the holding group said in a stock exchange notice on Monday.
Ellies Group is a manufacturer, importer and wholesaler of electronic goods. The group indicated that its subsidiary Ellies Electronics had entered into a Section 189 (i.e. retrenchment) process and would be restructuring its "goods receiving, warehousing, distribution, logistics and head office functions". "This is pursuant to ongoing financial losses experienced by Ellies Electronics. The restructuring will result in the rationalisation of overheads and the realisation of other efficiencies required to restore profitability and ensure the existence and longevity of the company going forward," the notice indicated. The group said it would work with affected employees to consider measures that "avoid and mitigate" possible retrenchments.
- Read the full original of the report in the above regard at Fin24
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