Post-Merger Reorganization Leads to Job Cuts at Swiss Marketplace Group

June 17, 2022

The Swiss Marketplace Group has announced that it will be cutting 70 of its 638 employees. The cuts come on the back of what the company called an "overlap of resources and competencies" following the company's amalgamation last year.

According to a company statement, the cuts affect employees at seven different companies at five different locations. SMG will be voluntarily offering a comprehensive social plan to all employees leaving.

The Swiss Marketplace Group was formed when two giants of Swiss classifieds (Ringier and TX Group) came together with the oldest insurance provider in the country and the investment firm General Atlantic in September 2021.

According to a recent interview with Ringier board member Robin Lingg at the Global Online Marketplaces Summit, discussions around a merger in the country between Ringier and TX Group had been going on for seven years beforehand.

The group operates real estate verticals including Scout24.ch, homegate.ch, Immostreet.ch, Acheter-louer.ch and home.ch. SMG also has market-leading positions in the automotive and general classifieds sectors as well.

June 17, 2022
Since March 2020 Edmund's job has been to read about, write about, collect data on, analyse and generally know about real estate marketplaces and the companies that run them. Before that he worked at the aggregator Mitula Group (which became Lifull Connect) for five years.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Cooperrocketacq
Rocket to Acquire Mr Cooper Mortgage Service for $9.4 Billion

Rocket Companies has announced a $9.4 billion all-share deal to acquire Mr. Cooper, the largest mortgage servicer in the United...

Read More
Scout24 German Houses 1
Scout24 Closes Another Data-Focused Acquisition

Germany-based marketplace operator Scout24 has continued its expansion into real estate data with the acquisition of Austrian proptech firm ImmoUnited....

Read More
People Roundup 28Mar 2
People Roundup: Aviv Group, Pisos.com, Kleinanzeigen, REA India, Anjuke

There have been several high profile C-suite moves in this week's People Roundup. We'll start in Europe...   Europe: Aviv...

Read More
Product Update 2025Mar28 3
Product and Services Roundup: Zoopla, ViewIt

This week's Product Roundup starts in the UK, where it's all about Zoopla...   UK: Zoopla's MyHome product is used...

Read More

Editor's Pick