Versace Not to Break Even Until 2011

Posted by admin on February 1, 2010 · Leave a Comment 

Yesterday Versace reached an agreement with unions in Italy to move forward with cutting 350 jobs, or about 26 percent of its workforce, by June. The cuts are part of CEO Gian Giacomo Ferraris’s plan to stop bleeding money. He expects operating losses for 2009 to total $42 million, while he estimates sales fell about 19 percent. Read More

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