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By Associated Press
POSTED: 08:46 a.m. EST, Dec 10, 2008
CLEVELAND: American Greetings Corp. on Tuesday announced the elimination of 275 jobs, mainly at its headquarters in Cleveland.
The nation's largest publicly held greeting card company cited tough economic times for the job cuts.
''The decision to eliminate positions has been very difficult, but is necessary to ensure we remain competitive given the current business environment,'' Chief Executive Officer Zev Weiss said in a statement.
American Greetings employs about 18,000 people with about 2,200 at its headquarters. It sells cards and other products under brand names American Greetings, Carlton Cards and Gibson.
The company also sells cards through its retail stores and large retailers, such as Wal-Mart and Target. It has annual revenue of about $1.8 billion and is second in size among U.S. greeting card makers only to privately held Hallmark Cards Inc.
American Greetings reported a 73 percent decline in profit in the second quarter and previously said it plans to close 25 to 30 stores during the fiscal year. It's third-quarter earnings report is due Dec. 23.
CLEVELAND: American Greetings Corp. on Tuesday announced the elimination of 275 jobs, mainly at its headquarters in Cleveland.
The nation's largest publicly held greeting card company cited tough economic times for the job cuts.
''The decision to eliminate positions has been very difficult, but is necessary to ensure we remain competitive given the current business environment,'' Chief Executive Officer Zev Weiss said in a statement.
American Greetings employs about 18,000 people with about 2,200 at its headquarters. It sells cards and other products under brand names American Greetings, Carlton Cards and Gibson.
The company also sells cards through its retail stores and large retailers, such as Wal-Mart and Target. It has annual revenue of about $1.8 billion and is second in size among U.S. greeting card makers only to privately held Hallmark Cards Inc.
American Greetings reported a 73 percent decline in profit in the second quarter and previously said it plans to close 25 to 30 stores during the fiscal year. It's third-quarter earnings report is due Dec. 23.
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