Valassis Shaves 100 Jobs as Value PlummetsDecember 2008
Valassis also cut its 2008 profit forecast by as much as 28 percent. The company expects adjusted profit of $1.71 per share for the year, according to the paper, down from the $2.14 to $2.39 range projected earlier.
The job cuts were part of a plan that includes spending cuts and increased production efficiencies.
“Decisions that impact our employees are not taken lightly,” said Alan Schultz, Valassis president and CEO, in a statement. “We make every effort to minimize headcount reductions.”
The company’s stock, which reached a 52-week high of $16.80, fell under $1.25 on November 19.