Television retailer ShopNBC laid off about 11 percent of its salaried workforce in an effort to cut costs, according to a report in Multichannel News.
The Eden Prairie, Minn.-based company offered competitive severance and outplacement services, the trade publication reports. In addition, the company will suspend its 401(k) match for fiscal 2009, and that it will initiate a hiring freeze and no merit pay increases for the coming fiscal year.
With the current round of layoffs, ShopNBC said it has reduced its salaried workforce by 27 percent since 2007, according to the report.
The network has been plagued by declining sales. In September, ValueVision Media, ShopNBC’s parent company, succumbed to that pressure and put the network on the auction block,according to the report.