Bowne Reducing Workforce by 10 Percent
NEW YORK—With a sharp year-over-year decline in revenue and profit due to difficult capital markets, Bowne & Co. announced it will reduce its workforce by 10 percent to provide cost savings of $21-$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.
Bowne's 2008 third quarter revenue was $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.