SFX lays off 50 employees as part of restructuring plan
SFX, the world’s largest electronic music-focused provider of live events and digital entertainment content, is downsizing. The monolith announced it will be reducing its New York staff by 50 employees in advancement of a restructuring plan after undertaking Chapter 11 proceedings to reduce its debt. The announcement comes just days after Robert Sillerman, former CEO, officially forfeited his title on March 31. Sillerman has been replaced by Mike Katzenstein of FTI Consulting, who will act as SFX’s Chief Restructuring Officer and Interim Chief Executive Officer until a more permanent candidate is selected.
The company has provided 90-days’ notice to impacted staff, and will continue to provide full salary and benefits for the remainder of that period. It is also offering schedule flexibility and help through an Employee Assistance Program.
SFX expects to come out of Chapter 11 sometime this summer.