ABS-CBN released a statement Wednesday stating that it will begin laying off workers effective August 31.
“With the non-renewal of its congressional franchise, ABS-CBN is now forced to cease the operations of some of its businesses and implement a retrenchment program covering ABS-CBN and its subsidiaries effective end of business day on 31 August 2020,” read their statement.
“We are doing all we can to mitigate the pain that will be felt by those affected, including paying out separation and retirement benefits and providing job placement programs. The loss of their jobs comes at a time when the uncertain and perilous impact of the COVID-19 pandemic further makes our decision truly difficult, but inevitable.
“As much as it hurts us to implement this retrenchment program, this is the only way to ensure the continued employment of the rest of our Kapamilya,” the statement also said.
ABS-CBN lost their bid to have their contract renewed by congress last July 10.