Bankrupt South Korean Shipping Giant Hanjin to Lay Off 400 Workers
SEOULÌý— Bankrupt South Korean shipping giant Hanjin said Oct. 20 it plans to lay off 400 workersÌý— more than half of its land-based staffÌý— as it attempts to right its corporate ship.
The layoffsÌýwere announcedÌýon top of plans to sell off rights to some key routes, according to a company spokeswoman, confirming media reports that already had speculated on the cost-cutting measures.
RELATED: Hanjin bankruptcy hurts Long Beach but doesn't affect other US ports in September
It was not clear if those to be laid off would receive any kind of compensation.
Hanjin, the world's seventh-largest shipbuilder, employsÌý700 workers at sea. The August announcement of its bankruptcy disrupted supply chains worldwide and left several ships adrift as ports were unwilling to take on a ship with no guarantee that docking fees would be paid.
Of the 97 ships struck, 78 had managed to unload their cargo by Oct. 19.