Another abc learning? how much has she lost this time?
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Published November 10, 2008
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Li & Fung stops hiring, cuts staff and costs Email this article Print article Feedback
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(HONG KONG) Hong Kong-based consumer goods exporter Li & Fung Ltd has imposed a hiring freeze, will lay off some employees and reduce travel and other expenditure due to the global financial crisis.
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Li & Fung sources everything from toys to clothes to beauty products. Its clients include US retailers Wal-Mart Stores Inc and Target.
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In a statement issued late last Saturday, the company said that it was reviewing its operating costs due to the impact that 'worsening economic conditions' were having on its customers.
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'Initiatives include a hiring freeze in most locations, reduction of travel and other discretionary expenses and, as a last resort, employee downstaffing,' it said. 'At this stage, it is envisaged that a limited number of employees working with business units whose customers have suffered most severely will be made redundant.'
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Last week, the International Monetary Fund warned that conditions could get even worse as financial firms reduce their debt, investors brace of rising corporate defaults and consumers cut back on spending. -- Reuters
<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p> </o:p>
Published November 10, 2008
<o:p> </o:p>
Li & Fung stops hiring, cuts staff and costs Email this article Print article Feedback
<o:p> </o:p>
<o:p> </o:p>
(HONG KONG) Hong Kong-based consumer goods exporter Li & Fung Ltd has imposed a hiring freeze, will lay off some employees and reduce travel and other expenditure due to the global financial crisis.
<o:p> </o:p>
<o:p> </o:p>
Li & Fung sources everything from toys to clothes to beauty products. Its clients include US retailers Wal-Mart Stores Inc and Target.
<o:p> </o:p>
In a statement issued late last Saturday, the company said that it was reviewing its operating costs due to the impact that 'worsening economic conditions' were having on its customers.
<o:p> </o:p>
'Initiatives include a hiring freeze in most locations, reduction of travel and other discretionary expenses and, as a last resort, employee downstaffing,' it said. 'At this stage, it is envisaged that a limited number of employees working with business units whose customers have suffered most severely will be made redundant.'
<o:p> </o:p>
Last week, the International Monetary Fund warned that conditions could get even worse as financial firms reduce their debt, investors brace of rising corporate defaults and consumers cut back on spending. -- Reuters
