Quickflix to axe Sydney and Auckland offices and staff as founder gives himself a pay cut
Pay cut: Stephen Langsford
The founder of struggling video streaming company Quickflix has cut his executive’s salaries as the company prepares to lay off a further 15% of its workforce, as it seeks yet more cash from investors.
The Perth-based operation is also axing its Sydney CBD and Auckland offices, while CEO Stephen Langsford has slashed his salary by $80,000 to $200,000, but will defer $150,000 of that until the company raises another $2m in a capital raising.
Quickflix has been in a trading halt on the Australian Securities Exchange (ASX:QFX) since the middle of 2015, with the company making savings of $4m per annum so far by laying off staff and restructuring deals with TV and movie studios.
1. Enough already
2. NO investor this side of sanity is going to give them money
3. Enough already
Whilst I appreciate the never say die attitude, there’s a story about these guys every couple weeks. Laying off staff, raising capital etc.
Someone needs to take this company behind the barn Old Yeller style.
“both will receive a bonus of the company manages two consecutive months of positive EBIT.”
wow what an exciting place to work
I know it’s people’s lives – but I am always engaged by articles on this soap opera.
Has anyone ever had someone say to them “you really need to try quicklfix?” No. That should tell you all you need to know.
I’d rather invest in a Russian start up, headquartered in Mozambique, issuing IOU’s on table napkins
Rearranging the deck chairs on the Titanic once again.
Please make it stop.
Close it down.
Now.
@1 – Enough Already
Don’t be so certain regarding investment, some may look at this as a nice way end up with a nice ongoing tax credit concession. Investment isn’t always about growth.
I’ve had some dealings with management at Quickflix and would never do business with them again. They’ve had years to reinvent themselves but instead put their energy (and money) into lobbying legislators to quash the competition. Arrogance by management and an inability to read the play in an agile industry has held this company back. I can’t imagine how they could recover at this point. Good luck to the staff who are undoubtably going through a tough time.
Because people losing their jobs is something to gloat about.
DVD sales are declining rapidly and VOD is struggling to replace it. Distributors will close down this year and in coming years. Only 2-3 VOD companies will survive. The rest will go broke.
@Ben Ross.
Do you have a prospectus for that nice little earner? I’ll be moving some moolah out of Panama real soon.
What is a Quickflix??
So these guys have been pulling 250k for NOT making a profit for how many years?
Plus a bonus when they raise cash…?
Plus a bonus if they can make a profit for 2 months ?
Plus a bonus if they manage to re list?
What a piss take!