As posted yesterday, layoffs are imminent today at EMI and Terra Firma’s Guy Hands states from London: “EMI has been struggling to respond to the challenges posed by a digital environment. We believe we have devised a new revolutionary structure for the group that will improve every area of the business.” Hands has reportedly raised close to $500 Million for use in the A&R and online marketing departments. Hands will be flying into NY tomorrow to discuss the plans with US employees. EMI lost a staggering $572 Million last fiscal year which ended in March 07.
