Schibsted closes Segundamano and all printed classified business in Spain

An update is needed to my post couple days ago.

Based on Clarification, I wrote on Sunday that Schibsted closes its classified flagship paper Segundamano in Spain. She updated her post today. According to Schibsted’s Q3 report they are going to close all printed classifieds before the end of the year. This is how they write about it in their Q3 statement [pdf]:

Schibsted Classified Media (the former Trader companies) had Q3 operating revenues of EUR 38.4 million, 19% less than in Q3 2007. The decline is primarily due to the negative trend for print publications in Spain.

In Spain, the operating revenues from print publications fell by 54%. The closure of titles accounted for 5-10 percentage points of this reduction. It has been decided to close down all the Spanish print classified ads operations from November 2008. This will lead to restructuring costs of EUR 10 million, which will be expensed in Q4. The restructuring is partly related to a head count reduction of 217, which totals EUR 7 million of the restructuring cost.