Tiffany to Cut Jobs
New York City Tiffany & Co. announced Tuesday it has offered voluntary-retirement incentives to about 800 U.S. employees as part of planned job cuts.
Tiffany revealed the details in a regulatory filing on Tuesday, saying it expects to record a pretax, nonrecurring charge of $50 million to $65 million in the fourth quarter of fiscal 2008, tied to the incentives.
The final charge will depend on the number of eligible employees who take up the offer, Tiffany said, warning it could take additional charges after management finalizes its plan for further adjustments by the end of the fourth quarter.
In late November, responding to the economic downturn, Tiffany slashed its full-year forecast and trimmed its 2009 store growth plans.