Hallmark Cards announced voluntary job cuts
Wednesday, April 11, 2012
KANSAS CITY, Mo. (AP) — Hallmark Cards officials say they expect a voluntary job cut program to eliminate between 300 and 400 jobs at the greeting card company.
The Kansas City-based company announced the employee buyouts Tuesday. Hallmark says the job cuts are prompted by disappointing financial results during the recession and slow recovery.
The Kansas City Star reports (http://bit.ly/HGM1Xw ) the buyouts are being offered to employees who are at least 50 years old and have at least 15 years of vested service with the company.
Hallmark, a privately held company, said its consolidated net revenues were $4.1 billion in 2011, the same as in 2010. It said in a news release that the company expects 2012 to be another difficult year.
About 1,500 out of Hallmark’s 7,500 U.S. employees are eligible for the offer.
Information from: The Kansas City Star, http://www.kcstar.com
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