Steelcase Layoffs Job Cut: fires 600 employees

Amid mounting pressure from the declining business prospects, the Furniture firm Steelcase, has decided to go for Steelcase Lay offs or Steelcase Job Cuts. Unfortunately the situation is worsening further for all the sectors and Steelcase is melting under the pressures of the market. The economic crisis is hitting all sectors and all the sectors are getting affected.

How many employees may be fired by Steelcase layoffs?
The news is that around 600 employees will be asked to leave their jobs at Steelcase. Out of this, 300 are already asked to go, as per the reports that have come in.

How many employees does Steelcase have?
The total no. of employees of Steelcase Furnitures is 13,500 globally.

Which locations will be affected by the Steelcase Layoffs?
Though there is no confirm news but it is learnt that most of the layoffs will be in North America.

Which segment of employees will be affected by the Steelcase layoffs
No Info about that.

How much savings can be made by Steelcase Layoffs?
It is estmated that the layoffs and other measures taken by the company will reduce annualized pretax operating costs by about $25 million to $30 million.

When will the Steelcase layoffs happen
The layoffs were declared in December last year, some 300 jobs are already gone while the remaining will be asked to leave soon in March.

What are the primary reasons of Steelcase Layoffs
The current economic environment and its potential impact on industry demand around the world remains highly uncertain. The worsening global economy means that there is a decline in sales and businesses and hence loss of revenue for Steelcase. These layoffs are being justified as preparation for a possible decline in revenue.

Any other news about Steelcase?
As per Reuters, Steelcase is also planning a reduced annual non-discretionary contribution to its retirement plan.Steelcase Inc., the world's largest office furniture maker, said it will cut the base salaries of all its North American salaried workforce by about 5 percent and suspend 2010 matching contribution to its retirement plan.

In a filing with the U.S. Securities and Exchange Commission, the company also said the annual salaries of its chief executive and chief financial officer will be reduced by 12 percent and 10 percent, respectively.

Other board members are also taking a voluntary salary reduction, the company said. According to the filing, the board will take a 15 percent reduction in annual retainer for one year.
Let's hope that alternative jobs are available to the affected employees of Steelcase Layoffs Job Cut.