The cash-strapped Standard Group Limited (SGL) has announced its intention to retrench 300 employees in the latest round of layoffs by the financially struggling media company.

In a statement released by the board on Tuesday, SGL says the decision was occasioned by the tough operating environment and the shifting media consumption trends in Kenya.

The troubled media company says the bloodletting of its staff, most who have gone for months without salaries, will it to reorganize its business model to enable it grow.

“In reaching this decision, we took into consideration the difficult operating environment and its long-drawn effect on revenue generation,” said the board in a statement.

The board added: “We remain confident that the reorganization of the business through restructuring will place us in good stead by adopting a leaner, more efficient structure for better performance and growth.”

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SGL, with interests in print, radio, TV and digital, says it will inform the affected workers of their fate in writing before the one-month redundancy notice dated July 31, 2024 elapses.

Here’s the full letter: