(AP) - Sotheby's auction house says the company has approved a restructuring plan resulting in salary reductions and layoffs due to poorer-than-expected earnings.
It is unclear how many people are losing their jobs. Sotheby's says the plan would affect its North American operations, where it employs 605 people.
In a Thursday filing with the Securities and Exchange Commission, the company said the restructuring "will reduce annual salaries and related costs by approximately $7 million, when compared to 2008 levels."
Its rival, Christie's, said Friday it also was reviewing its strategic plan "in light of the current global economic environment and our sale results for this autumn."
Christie's said it expects the reorganization to lead to layoffs.
People this economy is not a game!
SOURCE: Crain's New York Business
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This is the world we live in now.
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