
October 2020 Unemployment News and Company Job Cuts Switzerland
October Unemployment figures from the State Secretariat for Economic Affairs (SECO) awaited. October 2020 Job Cut Announcements 30/10/2020 Swarovski shareholders approve 6,000 job cuts and hundreds of store closures Swarovski shareholders approved the biggest overhaul in the crystal maker’s 125-year history, including 6,000 job cuts, after years of heated discussions among factions of the founding family. The decision means various Austrian and Swiss units will be folded into an Austrian family company with the headquarters remaining in the Alpine town of Wattens, near Innsbruck. The new structure should allow faster decisions about new products, personnel and investments, management has said. While legal disputes are likely to follow, the company has said it won’t stop the process. Buchbauer has said the company needs to offer fewer but more exclusive items under its own brand, and cut back its network of 3,000 boutiques. The 6,000 previously announced job cuts equal about 20% of Swarovski’s workforce. The turnaround will take two to three years to execute as sales are expected to fall by about a third this year. Read Full Press Release On Bloomberg.com 12/10/2020 RUAG International reacts to Covid-19 impact and accelerates job cuts RUAG International will accelerate its transformation to ensure its