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Two on-air jewelry retailers announce layoffs

November 17, 2008

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Due to the current economic environment, QVC will eliminate about 900 positions over the next 14 months, while JTV will cut 30 jobs from its information technology department.

New York--Both QVC and Jewelry Television are slashing their staffs in response to slowing sales in the face of the current economic crisis, the companies have announced.

Last week, West Chester, Pa.-based QVC said it was reducing its U.S. workforce by a total of 5.8 percent, according to a release from the company.

In what the multimedia retailer is terming "initiatives to support its long-term growth strategy while also addressing current business conditions," it will eliminate about 900 positions over the next 14 months, while adding 200 new positions, resulting in a $30-$40 million net reduction in 2009 forecasted operating costs.

"I had hoped we could avoid layoffs as we pursued our long-term growth strategies, but after witnessing the continuing deterioration in the economy, I came to the reluctant conclusion that this was not going to be possible," QVC President and CEO Mike George said in the release. "While we did our best to minimize the number of job reductions today, we lost many valued team members who were instrumental in building our business. We have offered them enhanced severance packages and outplacement services to help with the transition. At the same time, we continue to make investments in the technologies, programs, processes and people necessary to move us forward to becoming the pre-eminent lifestyle retailer in this new multimedia world."

In addition, Jewelry Television spokeswoman Kelly Fletcher confirmed to National Jeweler that the Knoxville, Tenn.-based network is eliminating 30 jobs from its information technology department in Knoxville as the company attempts to cope with a decline in sales.

It is the largest single-day reduction in staff for the on-air retailer since it announced it was laying off 18 employees from its Nashville, Tenn., office back in October.

Six months ago, Jewelry Television announced a restructuring that resulted in the elimination of more than 200 jobs in Nashville and Knoxville, and its former Shop at Home facility in Nashville remains for sale.

In addition, the network is holding back on plans to a build a new $20 million headquarters in Knoxville's Pellissippi Corporate Center.
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Market Developments

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