- The Richest Members of the US Congress
- New Consensus Sees Stimulus Package as Worthy Step
- Black Friday Deals May Not Signal Retail Comeback
- Thanksgiving Week Stuffed With Economic News
- UPS Sets New Rates For 2010
- Wall Street Jobs Slow to Return Despite Record Profits
- Investors to Goldman: Be Less Greedy
- Victoria's Secret Hopes to Rekindle Desire for Lingerie
- 'New Moon' Takes Record $72.7M Box Office Bite
- How Stock Investors Can Play Holiday Travel
- Time Lapse World Series Is A Great Play
- Hirschhorn: Greed...or Fear
- My Top 10 Tech Toys for the Holidays
- iPhone a Better Gaming Platform Than Android?
- May Day For Dendreon
- 100% Mortgage Financing From USDA
- Holiday Tipping: Who And How Much
- Deep Discounts Should Make It a Very Tech-y Holiday
MOST SHARED
- Analyze This?
- Realty Check: USDA Home Loans
- Dems Snare 60 Votes to Move Ahead on Health Care
- The 'Real' Jobless Rate: 17.5% Of Workers Are Unemployed
- Health Care Bill Nears Test Vote
- Warren Buffett and Bill Gates: Keeping America Great
- 100% Mortgage Financing From USDA
- How Stock Investors Can Play Holiday Travel
- Sanofi-Aventis Falling Off a Patent Cliff?
Text Size 
The Versace fashion house on Wednesday announced it will cut 350 jobs worldwide as part of a reorganization aimed at returning the group to profitability in 2011.
 |
iStockphoto Versace will cut 350 jobs worldwide as it tries to return to profitability. |
Versace said it will streamline production, review store network and reduce capital investments and overhead. The measures will be implemented by the middle of next year.
CEO Gian Giacomo Ferraris said in a statement that the company will lose money in 2009 and the measures were necessary to help stanch future losses.
"No organization can allow a situation like this to continue, especially given the flat outlook for 2010," Ferraris said in a statement.
Versace approved a new three-year plan earlier this year before the departure in June of the previous chief executive, Giancarlo Di Risio, who had joined the privately held, family-run company in 2004 after a euro120 million debt restructuring package was agreed with banks.
Versace said earlier this year that first-quarter revenues were down 13 percent.
The economic slowdown has taken a bite out of the luxury market, which is forecast to contract 8 percent from 2008 to euro153 billion ($228.25 billion) in 2009, according to a study by Bain & Co.
- Technology can make or break a fortune in the world of alternative energy.
- Many people are facing the holidays with substantially smaller incomes. Here’s how some are adapting.
- Jim Cramer is a proponent of stocks that pay healthy dividends, and here are his top five dividend plays.
- From salt, to lip balm to envelopes, it turns out that bacon flavoring can sell almost anything.
- The homebuyer's tax credit jacked sales for a while, but 2010 is looking weak. Now what?
- CNBC’s technology reporter Jim Goldman guides you through the best gadgets to buy this holiday season.
Data is a real-time snapshot *Data is delayed at least 15 minutes