Globe Tracker lays off staff amid restructuring

Globe Tracker is restructuring its operations and has laid off staff, the company’s board chairman Hjalti Hvítklett told Faroese broadcaster KVF on Wednesday.

Some projects have ended, prompting the adjustments, Hvítklett said. He declined to specify how many employees were affected, referring questions to CEO Joel undir Leitinum, who did not respond to requests for comment.

Lív, a major investor, has withdrawn from Globe Tracker after losing 174 million kroner on its investments. The Lív association cited a change in its investment policy, which now prohibits funding projects in the same sector as Globe Tracker.

Framherji remains a shareholder and has injected additional capital into the company. Hvítklett did not disclose the amount.