Famed luxury goods purveyor Tiffany might look immune to the recession but actually they are in a world of trouble. "Net income fell to $31.1 million, or 25 cents per share, down from $127.4 million," for one thing; these costs are associated with store closing and with layoffs. So what's Tiffany's solution? More layoffs! "Tiffany plans to offer early retirement packages to 800 of its employees in the U.S., and cut 10% of its staff worldwide." Great plan.
accessories: March 2009 Archives
Eyeglass maker Luxottica announced 100 or more store closings in response to the global economic slowdown. The impact of the store closings specific to the U.S. market was not disclosed. Luxottica, which makes Ray-Ban, Oakley and other popular brands, expects to close two to three percent of its doors as well as reduce inventory.
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Handbag maker Lambertson Truex has filed for chapter 11 bankruptcy, citing reduced demand. A company executive said high-end spending had slowed, leading to a cash crunch. Lambertson Truex has closed two retail stores, while parent company Samsonite has kept its New York location. Lambertson Truex handbags can cost up to $18,000.
