In a report filed to its investors, Sotheby’s announced that by the end of this year, it would lay off employees as part of a restructuring plan that will help the company save $13 million.
The SEC filing states: “The restructuring plan is expected to result in employee-related restructuring charges in the range of approximately $13 million recognized in the third quarter of 2014, and the corresponding head-count reductions are expected to be fully implemented by the end of 2014.”
“Some departments will be expanded and new positions created, while other areas will see modest staff reductions by the end of the year,” the company said in a statement published in The Wall Street Journal. “Our goal is to build on the strong results we have been achieving, continue to increase our ability to compete in the marketplace, and better serve our clients.”
The Journal also reported that staff were told of impending reassignments and layoffs at a meeting on Thursday.
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