The Smuggler Times
Year 10 Day 190
Jah Unubunko Goes Through A Massive Overhaul
Trax Sector - The galactic financial crisis has finally taken a toll on a smuggling faction. On Year 10, Day 160, Smuggling group Jah Unubunko announced a massive overhaul of the company - a 50% cut in staff, divestments and a plan to raise 100 billion credits from shareholders - after losses widened in the first quarter. The struggling company said it would reduce its staff from 80 to 40, mostly by selling its subsidiaries but also by laying off 10 Jah Unubunko employees. The announcement came as Jah Unubunko said its first quarter net loss had swelled to 1 billion credits from a loss of 500 million credits in the same period in year 9.
Sales shrunk to 11 billion credits from 12 billion credits a year earlier. Jah Unubunko shares plunged 50% to 50,000 credits in Trax. The Trax-based company said it plans to streamline operations to focus on drug traffickers in the Trax sector market. Last week, Jah Unubunko sold a 99% stake in its lossmaking Coruscant unit to Coruscant investors for only 1 credit. Jah Unubunko said it would also sell stakes in other subsidiaries, within the next 3 months.
Items
