Versace is about to face another big blow.
Two weeks after closing their New York press office, Versace has announced that there will be an extensive re-structuring program, which means that the company will be cutting 25 percent of its workforce.
Between March and June, 350 jobs will be cut so that the company can regain profitability by 2011. Gianni Versace SPA chief executive officer Gian Giacomo Ferraris, who has only had the position for the last eight months, said that the plan has been approved by all Versace family, banks and shareholders.
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