EMI Shares Rise on Reports of Job Cuts
Shares of troubled music company EMI Group rose after published reports said it would announce next week that it will cut 1,000 jobs as part of a debt-slashing restructuring plan.
An EMI spokeswoman declined to comment on reports that the company plans to eliminate about 11% of the work force in its recorded music division.
EMI has been struggling in a depressed market for recorded music and has issued two profit warnings in the last six months.
EMI’s American depositary receipts rose 40 cents to $10.40 in over-the-counter trading.
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