NVIDIA launches Jetson Thor robotics computers for physical AI systems
LONDON - AO Ltd, a subsidiary of AO World PLC, has announced plans to close the US operations of its recently acquired company, musicMagpie Limited, and to consolidate some of its UK functions. This update follows the completion of AO’s recommended cash acquisition of the entire issued and to be issued share capital of musicMagpie, which became effective on December 12, 2024.
The original offer documentation indicated that AO intended to collaborate with musicMagpie’s management to evaluate the company’s operations to enhance financial performance. This evaluation was to include reviewing strategic opportunities for musicMagpie’s US operation and assessing the roles and responsibilities of its management and employees. Additionally, AO had stated there would be no material reduction in headcount or changes to the locations of musicMagpie’s places of business.
However, during the review, AO has decided to close musicMagpie’s US operation, affecting 46 US-based employees, which accounts for 11% of musicMagpie’s workforce. Furthermore, AO will shut down musicMagpie’s Macclesfield site, used for book storage and distribution, and merge this operation with musicMagpie’s tech and disc media operation in Hazel Grove, Stockport. This move will result in 13 redundancies, representing 3% of the workforce, while 4 employees will be transferred to the Hazel Grove site, located 8 miles away.
AO’s board of directors maintains a positive outlook on the future of musicMagpie within the AO World plc group, emphasizing that these changes do not affect the fundamental rationale for the acquisition. The information disclosed is based on a press release statement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.