The Stars Group has announced that it will reduce the number of employees in its Malta offices, just a week after cutting jobs in Isle of Man.
Malta.- After announcing that it would be cutting the number of jobs at its Isle of Man headquarters, The Stars Group is now planning on reducing its staff in Malta as well. The owner of the PokerStars brand has let go approximately 50 employees.
According to Loving Malta, the company has fired over 50 employees and further losses are likely to happen over the next year. There are also rumours that the company would relocate some of its operations from Malta to Bulgaria. Part of The Stars Group’s trading team has already moved to Dublin.
The company said that due to rapid changes in the industry, they are constantly reviewing the company’s cost base. “We’ve decided to review some potential changes to certain locations to better align our costs with our global growth strategy. We believe our proposals will help to position us to deliver our mid-term growth targets. And they’ll also help with our long-term sustainable growth,” a spokesperson for The Stars Group said.
The Isle of Man changes
The company revealed last week that it would implement changes at its headquarters on the Isle of Man. It informed its staff, although it did not inform the number of jobs that will be cut.
The company says that the Isle of Man will continue to be a critical operational hub for them. A spokesman for The Stars Group said: “As we’ve previously noted, our international segment (PokerStars) has faced many headwinds over the last year, including disruptions in our key markets.”
He added that as a result, they are pursuing operational initiatives, including cost-optimisation initiatives as they’ve done in the past. This is to reassess the fixed cost base and realign costs with the company’s global growth strategy.