The cost-saving plan will be broken into three parts. The first of these will be a series of voluntary redundancies for employees aged 57 or older, and those in roles that not need replaced if they left.
The second part consists of a “collective departure plan”, which will focus on departments that may be deemed to be overstaffed or in need of reorganization in order to make the business more competitive.
Finally, the Société will renegotiate some of its collective bargaining agreements with employee unions.
“This restructuring work is made particularly necessary because of a chronic deficit in the group’s hotel and restaurant operations and its casino activity, linked in particular to a level of salary costs not in line with the level of turnover generated,” the business explained.
In July, the Société reported revenue of €45.1m (£41.0m/$52.3m) for the first quarter of its 2020-21 fiscal year, a 60.5% year-on-year decline.
The Société’s gaming division – comprising four properties all located in Monte Carlo – saw revenue fall 84.5% to €9.6m.