SINGAPORE: SPH Magazines, the magazine arm of Singapore Press Holdings (SPH), announced on Tuesday (Mar 20) that it will retrench 13 employees this month as part of a major restructuring exercise.
The restructuring exercise, to prepare for a "digitally driven future", will see its staff strength reduced from 379 – as of August last year – to about 300. This reduction has "largely already been achieved" through staff attrition and redeployment, it said.
However, 13 employees who could not be redeployed will be retrenched in March, the company said. "They will receive compensation on terms negotiated and agreed with the staff union," it added.
The restructuring will also see its custom publishing team and contract titles transferred to Focus Publishing, the contract publishing subsidiary of SPH's Chinese Media Group.
Additionally, SPH Magazines' other operating units at Genting Lane and Outram Road will move to SPH's headquarters in Toa Payoh.
None of SPH Magazines' titles will be closed, but their performance will "continue to be monitored", said its CEO Loh Yew Seng.
Publications under SPH Magazines include Her World, Men's Health, Harper's Bazaar as well as Home & Decor.