American Greetings Layoffs Job Cut: fires 200 employees, closes 60 stores: Finance Trading Times

American Greetings Layoffs Job Cut: fires 200 employees, closes 60 stores

The news is not good for the employees of American Greetings Corporation or American Greetings Corp. The latest additon to the list of companies going for layoffs is the American Greetings. No one seems to be shielded from the effect of recession. It the American Greetings Company, which have decided to go for the layoff, and not only that, it is also going for closure of many stores nationwide. American Greetings Layoffs

How many employees will be fired in the American Greetings layoffs?
There could be around 200 job cuts by the company.

How many plants will be closed by the company
A total of 60 stores will be closed out of the total 415 stores by the American Greetings company nationwide.

Any details available about specific location of stores to be closed?
Seven Stores in Northeast Ohio will be closed. Also stores at Galleria at Erieview in downtown Cleveland, Richmond Town Square in Richmond Heights, Great Lakes Mall in Mentor and Ashtabula Mall in Ashtabula, as well as stores in Wadsworth, Chesterland and Chagrin Falls.

When will the stores be closed
All concrened stores will be closed by February 28th, 2008.

What is the total employee strength of American Greetings
The total employee strength of American Greetings stands at around 18,000.

Any previous layoffs by the company?
Yes. last month they had cut 275 jobs, now another 200 jobs will be gone.

How much savings is expected due to layoffs by American Greetings?
No concrete details are available but it is learnt that company is going for all cost cutting measures.

Any other news about American Greetings layoffs
The company reported losses of $193 million for the third quarter and a 6.8-percent drop in sales at stores that had been open at least a year. Last week, both Moody's Investors Service and Standard & Poor's Ratings Services both downgraded the company's credit rating.
Let's hope that alternative jobs are available to the affected employees of American Greetings Layoffs Job Cut
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