Tiffany seeks U.S. job cuts, sees charges in Q4

Updated Thursday, December 4, 2008 11:22 am TWN, Reuters

Tiffany seeks U.S. job cuts, sees charges in Q4

NEW YORK -- Tiffany & Co offered voluntary retirement incentives to about 800 U.S. employees, as the upscale jeweler grapples with an economic downturn that has led its affluent customers to cut spending. Tiffany, which revealed the details of job reductions it first announced on Nov. 26, said in a regulatory filing on Tuesday that it expects to record a pretax, nonrecurring charge of US$50 million to US$65 million in the fourth quarter of fiscal 2008 because of the incentives.

The 800 who were offered the incentives work over a range of Tiffany’s divisions and make up roughly 13 percent of its U.S. staff.

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