A Thousand Cuts

Many jewelry companies began 2009 by making major staff reductions. Among them: Cartier put almost all 200 full-time workers making watch cases at one of its Swiss watch factories on part-time status. De Beers plans to cut up to 25 percent of its staff at its London headquarters. Hearts On Fire resized its staff to 2007 levels, the company said. Macy*s cut 7,000 jobs, or 4 percent of its work force. Saks cut about 1,100 corporate and store positions, 9 percent of its workforce. Sterling Jewelers cut 114 positions at its Akron, Ohio, headquarters.
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