Big day behind the behind the velcro curtain. According to a Josh Hunter story on Transworld Business, Quiksilver has laid off 125 employees and eliminated 75 positions in the Americas region.
“We’ve reported to investors over the past couple of quarters that we’d be making expense reductions of between 40–60 million dollars from a combination of SG&A improvements and cost cuts, as well as cost of goods sold improvements, or margin improvements,” [Vice President of Investor Relations Bruce] Thomas explains. “In doing that we started down a path of redefining the structure of our Americas operation in particular because we had been arranged along an organization structure that had brand management silos. We had separate merchandising, design, sales, marketing, sourcing, and production teams by brand for each region. We’re breaking down some of those brand barriers and creating a structure that’s much more functionally based moving forward.”
And yes, as a commenter pointed out, this is consolidation.
[Link: Transworld Business]
