KIT Digital Australia Cuts Jobs
KIT Digital Australia has announced that it is cutting off some 70 jobs and said it handed the business over to administrators last Dec. 20. KIT Digital is a New York-based company that focuses on video management software and services.
Three administrators from PPB Advisory were tapped to help in the assessment of the company’s finances. These are Marcus Ayres, Nicholas Martin, and Stephen Longley.
PPB administrators said KIT Digital Australia closed as a result of its parent company encountered financial difficulties. Sources also said that the company has not been paying staff salaries since November 2012.
PPB Advisory said some 90 employees were declared redundant while about 20 jobs were transferred to a new entity. PPB Advisory has also yet to announce how much the company owes its creditors.
It appears, though, that KIT Digital Australia is not the only one to be placed in administration. Other subsidiaries of KIT Digital like Idaptive and Hyro Digital, suffered the same fate.
Aside from its headquarters in New York, KIT Digital also has offices in other parts of the world like Bangkok, Hong Kong, London, Madrid, Milan, Paris, Singapore, among others.