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A business consultancy, based in London, England, John Sacks' JSA Consultancy Services provides expert, in-depth, information advice and guidance as to how to exploit successfully the office furniture and interiors markets in Europe, North America, Australasia and Japan.

Steelcase to lay off 300 staffers, lower salaries

Monday 2 February 2009

Office-furniture maker Steelcase Inc. said Monday it will cut 300 jobs and lower its base salaries in an effort to save $25 million to $30 million annually.

The company, which has about 13,500 staffers worldwide, said it will lay off 300 members of its North American hourly work force. It will also cut the base for its North American salaried work force by 5 percent. Some levels of management and executive officers will take a larger pay cut.

The board of directors have reduced their annual fees, and for fiscal 2010, it will suspend its discretionary matching contribution under its retirement plan and lower its annual non-discretionary contribution to the plan.

The Grand Rapids, Mich.-based company is suffering from the weak home and office furnishings environment amid a larger spending slump.

In December it said its profit dropped 99 percent due partly to an 8 percent decline in revenue and restructuring costs.

Shares rose 10 cents, or 2.3 percent, to $4.42 in afternoon trading, but earlier hit a new year low of $4.20. The stock has traded in a 52-week range of $4.24 to $16.09.

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