Daycare market leader to cut over 10% of its jobs
The Netherlands’ daycare market leader Estro is cutting 400 out of 3,300 jobs because of falling demand for places, the Financieele Dagblad reports on Friday.
The Estro group, which is owned by private equity firms KKR and Bayside Capital, has already cut its workforce by 750 as rising creche fees force parents to find cheaper alternatives. The company operates nearly 600 daycare centres.
‘We have to intervene to ensure the continuation of the company,’ interim manager Rob Schuyt told the FD. Demand for daycare places fell 30% beteen 2012 and 2013 and ‘we do not think the bottom is yet in sight,’ the paper quoted Schuyt as saying.
Earlier stories
Childcare giant asks for clemency as earnings are pressured
Private equity-owned childcare group debts soar
Private equity looks to childcare investments
Catalpa – who is afraid of private equity?
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