The Swiss Marketplace Group has announced that it will be cutting 70 of its 638 employees. The cuts come on the back of what the company called an "overlap of resources and competencies" following the company's amalgamation last year.
According to a company statement, the cuts affect employees at seven different companies at five different locations. SMG will be voluntarily offering a comprehensive social plan to all employees leaving.
The Swiss Marketplace Group was formed when two giants of Swiss classifieds (Ringier and TX Group) came together with the oldest insurance provider in the country and the investment firm General Atlantic in September 2021.
According to a recent interview with Ringier board member Robin Lingg at the Global Online Marketplaces Summit, discussions around a merger in the country between Ringier and TX Group had been going on for seven years beforehand.
The group operates real estate verticals including Scout24.ch, homegate.ch, Immostreet.ch, Acheter-louer.ch and home.ch. SMG also has market-leading positions in the automotive and general classifieds sectors as well.