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ShopNBC Cuts Workforce by 10 Percent
Associated Press 01.14.08, 6:40 PM ET
EDEN PRAIRIE, Minn. - ShopNBC, the 24-hour shopping channel operated
by ValueVision Media Inc., said Monday it reduced its salaried work
force by 10 percent following a business strategy review.
The cuts, which follow a 12 percent reduction last May, leave the
company with 560 workers effective Monday, said Frank Elsenbast, the
company's chief financial officer. Most of the cuts will be made at
ValueVision's Eden Prairie, Minn., headquarters, according to the
company.
ValueVision also reiterated its full-year guidance for sales growth
in the low single digits, and adjusted earnings of $5 million to $10
million before interest, taxes, depreciation and amortization.
ValueVision in October lowered its full year revenue expectations due
to tough conditions in retail sales and dismissed Chief Executive
William J. Lansing. He was replaced on an interim basis by John Buck,
the company's board chairman.
ValueVision shares fell 8 cents to close at $4.88.
Might even be cutting out the late night shows and going to taped programming.