The Gemological Institue of Americain
February cut 9 percentof its staff (103 employees), froze its pension plan, and slashed managerial salaries—after laying off 11 percent of its staff in December. [Feb. 2009 JCK, p. 35]
The watchmaker eliminated up to 260 positions, or 4 percent of its approximately 6,000 employees, and gave executives a pay cut.
The Swiss luxury watchmaker is reducing its workforce by 70 people, or about 16 percent, said owner Richemont.