IN BRIEF: NATUZZI TO RESTRUCTURE, CUT JOBS...HOME DEPOT TO TRIM EXPO TO 34 UNITS...KIRKLAND'S, GARDEN RIDGE NAME CEOS...
HFN: The Weekly Newspaper for the Home Furnishing Network, May, 2005
NATUZZI TO RESTRUCTURE, CUT JOBS
Leather upholstery specialist Natuzzi plans to lay off 1,320 employees by the end of the year in an effort to reduce operating expenses and become more competitive.
The company's board of directors met in a special session last week to study the company's first-quarter preliminary figures, and Natuzzi management put together the restructuring plan that includes that temporary work-force reduction in all departments across the company. The plan focuses on reducing manufacturing costs in Italy, increasing efficiencies and improving productivity, the company said.
The company said unfavorable currency conditions with the euro and pricing pressure affecting the U.S. market, as well as the modest economic...
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