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Australia’s Quickflix sheds jobs to cut costs

Beleaguered Australian online video service Quickflix has made a third of its workforce redundant as it scrambles to cut costs and avoid bankruptcy, according to reports in local newspaper The Australian.

The job cuts are expected to result in around 30 staff leaving, and generate savings of roughly AUD 2mn (US$ 2.08mn) per year – much needed at a time when annual losses are currently running at AUD 13.97mn for 2012.

Quickflix has also revealed that a number of its senior executives, including CEO Chris Taylor, will be leaving the company as part of a wider restructuring, which is expected to take three to six months.

Via The Australian

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