Bad news for Versace employees!
First they announced their plans to close down their stores in Japan.
And, now, in an attempt to increase profits, Versace will be cutting around 350 jobs worldwide by mid next year!
According to Versace’s chief executive officer, Gian Giacomo Ferraris, ├óΓé¼┼ôTrading conditions in the wake of the global financial crisis have been severe and the company expects to make a loss in 2009. No organization can allow a situation like this to continue, especially considering the flat outlook for 2010.├óΓé¼┬¥
Sad.
The company will also try to reduce costs elsewhere by reducing capital investment and analyzing production facilities.
Let’s hope they get their company in order and don’t have to cut even more jobs!
[Image via AP Images.]