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Monster Worldwide (NYSE: MWW) plans to implement a corporate restructuring that will include pursuing the sale of its ChinaHR operations, evaluating options in developing markets and focusing on core business in North America and key European and Asian markets.
“We are implementing a plan to concentrate our resources on our largest markets where we generate the lion’s share of our revenue and profit and where we are experiencing increased customer traction with our advanced technologies,” Chairman, President and CEO Sal Iannuzzi said. “We believe this plan provides Monster the resources to grow our leading businesses in North America and Europe.”
Monster acquired all shares of ChinaHR in 2008, according to a filing with the U.S. Securities and Exchange Commission. ChinaHR is a recruiting website in China.
Monster announced the restructuring today as it also reported third-quarter results with third-quarter revenue of $221.7 million, down 10.8 from $248.6 million in the same quarter last year.