Bowne Cuts 1,000 Jobs In 2008
NEW YORK—With a sharp year-over-year decline in revenues and profit due to difficult capital markets, Bowne & Co. announced it will reduce its workforce by 10 percent to provide cost savings of $21 million to $23 million. The cuts bring Bowne’s total to 1,000 lost jobs in 2008, representing 24 percent of its workforce. Dave Shea, chairman and CEO, said the company will save $70 million annually as a result of the cutbacks.
“Although the current environment is very challenging, we’re confident that the changes we’ve implemented will position us as an even stronger, more flexible company in the future,” he noted.
Bowne’s 2008 third quarter revenues were $164 million, down $17.7 million from the same period the previous year. Gross profit fell to $42.1 million for the third quarter, down from $63.1 million in Q3 2007.