EMI Shares Rise on Reports of Job Cuts
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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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