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Fantastic slashes workforce to get out of the red

Fantastic is the latest Swiss IT firm to get into trouble

(Keystone)

The Swiss software company, Fantastic, is cutting up to a third of its workforce of 350 people, as part of plans to restructure the company and pull it out of the red.

The Zug-based enterprise said on Thursday that it was also planning to merge several of its sales offices to cut costs. It added that slow growth in the broadband technology market had hit revenues hard.

The company expects to complete the reorganisation within six months. A major plank of its strategy is to extend its re-selling activities. Earlier this month, it announced a re-selling agreement with IBM.

Fantastic recorded net losses of nearly $39 million (SFr64 million) in the first nine months of this year. The company said it did not expect to reach a turnover target of $35 million.

It got off to a flying start when it began floating its shares on the stock exchange 15 months ago. But business has stagnated since the end of last year.

Fantastic is the latest Swiss IT company to get into financial trouble. Earlier this year, the software company, Miracle, closed down after failing to find new funds.

swissinfo with agencies


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