CATALOG PUBLISHER LAYS OFF 40 STAFFERS

Published on .

Catalog publisher Lillian Vernon Corp., Rye, N.Y., laid off 40 staffers, or 12% of its work force, across the company and also closed its Las Vegas call center in an effort to reduce costs.

The company said on March 9 it expects to break even or record a small loss in earnings for fiscal year 2001 ended Feb. 24, after restructuring charges of about $1.5 million. The cataloger of specialty home, garden and personal goods also reduced inventory by 9% or $3 million from fiscal year 2000, when it reported $6.3 million in earnings on $241.8 million in revenue, its second consecutive year of revenue decrease.

Copyright March 2001, Crain Communications Inc.

In this article:
Most Popular