Because of a loss in 2009 and a flat 2010, 350 workers for Gianni Versace SpA will be let go by the middle of next year. According to WWD, the cuts will be made to increase efficiently and profitability.
Gian Giacomo, Versace's CEO, said in a statement,"Trading 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".
Let's hope business turns up from here on out.
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