Tiffany Reduces Staff
February 7th, 2009 by Simon Salt
New York luxury jewelry retailer Tiffany & Co recently announced it was laying off an undisclosed number of people after being hit hard by December 2008 and January 2009 falling sales figures. In January Tiffany & Co reported a 21% drop in holiday sales compared to the previous year. Tiffany & Co is also expecting to report a drop in sales for its fourth quarter, which ended on January 31. “Deteriorating global economic conditions were clearly reflected in cautious spending by Tiffany customers across the entire range of jewelry categories and price points,” said Tiffany CEO Michael Kowalski. “We believe these conditions will continue well into 2009. Nevertheless, we are committed to maintaining healthy profitability and are reviewing all elements of our cost structure.”
Tiffany confirmed that buy outs were offered to approximately 800 employees and that an undisclosed number did accept the early retirement conditions. Tiffany & Co has a U.S. workforce that totals around 6,000 people.
- Posted in Business
