Layoffs at Movado today
Back in April Movado Group Inc. said it was furloughing 850 employees, or about 80% of its North America workforce, in an effort to deal with business disruptions caused by the COVID-19 pandemic as well as cutting pay for salaried workers by 15% to 25%, and Chief Executive Efraim Grinberg will forego all salary during the furlough period.
Not a surprise that Movado Group plans to lay off employees as part of its new restructuring plan, announced in their recent Securities and Exchange Commission 8-K filing.
CEO Efraim Grinberg said in a statement to National Jeweler: “The moves that we have taken, although painful, will enable the company to be better positioned for the future.”
Affected U.S. employees will receive severance packages, outplacement assistance and extended benefits coverage.
The COVID-19 pandemic “caused unprecedented economic and social hardships,” Grinberg said, adding that “these circumstances have led us to reorganize and streamline our teams in order to sustain and secure long-term growth for the business.”
Source: National Jeweler, Yahoo finance
