Pandora: to book charge to cover restructuring costs

(CercleFinance.com) - Pandora is launching a strategic reorganisation to set up a "consumer focused" organisation and support future growth ambitions, the Danish jeweler said on Wednesday.


The company said it will close its three regional organisations, thereby eliminating an organisational layer between its global headquarters and local markets.

This means that the more than 100 markets where Pandora operates will be grouped into 10 clusters.

As a result, 180 employees will leave the company, the group said.

The move will lead to additional non-recurrent restructuring costs of around 200 million Danish kronor (around 27 million euros) primarily related to severance payments, and costs of closing down regional offices.

For 2020, total restructuring costs are expected to reach around 1.3 billion Danish kronor (175 million euros), it said.

The new organisation will be effective from in April.

Pandora shares, which are listed on the Nasdaq Nordic market, were down 2% on Wednesday morning.

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