Chinese conglomerate HNA Group, faced with liquidity concerns after recent debt-fuelled acquisitions, plans “significant cuts” in its workforce this year, Risk Event-Driven and Distressed Intelligence (REDD) reported, citing five unnamed sources.
The job cuts would be part of the group’ “weight-loss” programme for this year, the news and analytics provider reported.
The downsizing also would include staff reductions from the aviation-to-financial services conglomerate’s units, whose controlling stakes would be sold to a third party, REDD reported, without identifying those units.
A person familiar with HNA Group’s restructuring process said no such job cuts were planned. HNA Group did not immediately respond to a request for comment.
REDD reported that as part of the workforce restructuring about 100,000 jobs could be cut this year, a quarter of the group’s more than 400,000 staff. HNA had informed its Hainan-based staff about the cuts, two of the five people told REDD.