Versace announces job cuts
06/11/2009
Troubles continue at Italian fashion house Versace.
Following a recent announcement that it was leaving the Japanese market altogether, the Milan-based group has now said it will cut 350 jobs worldwide as part of a plan to help it return to profitability in 2011.
Earlier this year, the company agreed a restructuring plan with banks to eliminate debts estimated at EUR 120 million.
In a company statement, chief executive Gian Giacomo Ferraris said: "No organisation can allow a situation like this to continue, especially given the flat outlook for 2010."
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