Saturday, December 6, 2008
By ULA ILNYTZKY,Associated Press Writer AP - 2 31 NEW YORK - Sotheby's auction house says the company will reduce salaries and layoff staff because of unexpected poor earnings.
It is unclear how many people are losing their jobs. Sotheby's says its restructuring plan will affect its North American operations, where it employs 605 people.
In a Thursday filing with the Securities and Exchange Commission, the company said the restructuring 'will reduce annual salaries and related costs by approximately $7 million.'
Its rival, Christie's, said Friday it was reviewing its strategic plan 'in light of the current global economic environment and our sale results for this autumn.' Christie's said it expects the reorganization to lead to layoffs.
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