Home Shopper QVC To Cut 700 Jobs
Electronic retailer, caught by economic downturn, paring 6% of U.S. workforce
By Linda Moss -- Multichannel News -- Broadcasting & Cable, 11/13/2008 8:32:00 AM
QVC, whose home-shopping sales have been hit by the dismal economy, Wednesday started layoffs that will ultimately result in the net reduction of 700 jobs, or nearly 6% of its U.S. workforce. Those cuts will result in savings of $30 million to $40 million next year, QVC said.
To kick off its belt-tightening, the electronic retailer, owned by Liberty Media, said Wednesday that it had laid off 160 employees from its U.S. locations, to simplify management and streamline, offering them “an enhanced” severance package.
“We remain committed to managing our company for the long term as we navigate this unprecedented economic crisis,” QVC CEO Mike George said in a prepared statement. “To ensure we’re operating as efficiently as possible, we made difficult decisions to lower our operating costs while taking several steps to invest in our future and better serve our customers.”
In the third quarter QVC’s domestic revenue fell 9%, to $1.1 billion.
Read the full story at Multichannel.com
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