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Dutch Giant To Close 93 Branches Across Europe

Dutch Giant To Close 93 Branches Across Europe

USG People, the Netherlands-based staffing firm, says it will cut 540 jobs and close 93 branches across its operations in France, Spain, Portugal and the Netherlands.

"The French, Spanish and Portuguese staffing markets are undergoing an extraordinary downward movement as a consequence of the credit crisis," USG People CEO Ron Icke said. "During normal cyclical movements, economic growth and decline alternate much more gradually. With the current optimization of our network we are anticipating ongoing difficult market circumstances in 2009."

The company also said it will write off 68 million in goodwill for the fourth quarter, primarily because of activities in France, Spain and Portugal. Although the credit crisis has clouded short-term expectations, the company said long-term expectations for the region remain positive. Spain has a temporary work penetration rate of far below the European average, it said.

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