Full Tilt Poker sheds at least 250 Jobs

Full Tilt Poker have released a statement which more or less, given the obscure method to which they release Press Statements, have announced that atleast 250 jobs are to go at the company in an effort to save some €12m.

Below is the statement and make of it as you will, but it certainly is not good news for the poor folks at FTP.

“Pocket Kings Ltd. (provider of marketing and technology services to Full Tilt Poker) has adopted a cost optimization program and estimates that they need to reduce their costs by approximately €12m. This program is intended to streamline the company’s operations in order to better position itself for future growth and profitability in Full Tilt Poker’s markets outside of the U.S.”

“If all of the required cost savings were to be achieved through redundancies, approximately 250 positions could be affected; however the exact number cannot be confirmed until the conclusion of a consultation process with its workforce.”

“Notwithstanding the foregoing, Pocket Kings firmly believes it has a very strong future in Full Tilt Poker’s Non-US Markets, and is fully committed to ensuring Full Tilt Poker restores the site and repay players in full. To this end, Full Tilt Poker has retained Sea Port Group Securities, LLC as its financial advisor with regard to raising capital and/or assisting in securing a strategic partner in order to fund continued operations of Full Tilt Poker’s non-U.S. business. The Company is in active discussions with several parties and will provide a further statement in due course.”

Statement Ends –