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China – Monster Sold Off Subsidiary in Trouble

30 January 2013

Local media reports that employees at recruitment site ChinaHR have gone on strike last night over proposed mass lay-offs. The firm has allegedly been sold off by Monster Worldwide to an Ireland-based company for $30 million although this has not yet been confirmed.

ChinaHR is to lay off over half of its 400 workers who will receive compensation. But the remaining staff protested on Tuesday night as they were not included in any compensation scheme should they lose their jobs in the near future.

To ease the workers, Monster chairman Sal Iannuzzi is said to have proposed a new deal which will include any remaining staff who might get the sack in 2013. The proposals will have to be agreed with by the alleged buyer of ChinaHR, Saongroup.com.

Monster announced restructuring plans in November 2012, including the sale of ChinaHR. Monster acquired the Chinese recruitment site in 2008 paying US$174 million for a 55% stake.

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