Reduces workforce by 22
SHELBURNE, Vt., Feb. 15 /PRNewswire/ -- The Vermont Teddy Bear
Company(R) responded to challenging conditions in the retail gift industry
today by laying off fifteen(15) core employees and eliminating seven (7)
unfilled positions in middle management.
The company's total permanent workforce includes over 300 employees at
its manufacturing and retail location in Shelburne, Vermont and its
manufacturing facility in Newport, Vermont. The company also hires over 900
seasonal employees for the Christmas and Valentine's Day gift giving
seasons.
Over the last ten (10) years, the company has increased its permanent
workforce from approximately 160 employees to over 300 employees, as its
retail sales increased and the company added the Calyx Flowers, PajamaGram,
Gift Bag and TastyGram business segments to its portfolio. This year,
retailers across the United States are experiencing slowing sales due to
reduced consumer confidence and spending. Sales in most retail segments are
down from prior years.
Elisabeth B. Robert, President and Chief Executive Officer of The
Vermont Teddy Bear Company, stated, "Like other companies in the retail
gift delivery industry, Christmas and Valentine's Day are critical holidays
for us. This year, consumer spending is down and our sales reflect that. We
can stay on track to achieve positive operating income this year, but we
are not meeting the sales goals that supported our annual budget and
employment plans. We need to make mid-year adjustments to honor our
responsibilities to our business partners, our lenders and our remaining
employees."
The company is responding to changing market conditions by introducing
new products such as Flowers in a Hatbox, PajamaGram Kids, Design Your Own
Bear, and personalized Teddy Bear products, all of which have proven
popular. Ms. Roberts says, "Our company is nimble and innovative, and we
are taking steps to improve our performance in this more challenging retail
business environment."
The Vermont Teddy Bear Company has been hand-crafting Bears in Vermont
for more than 25 years. Each Bear is delivered as a Bear-Gram gift along
with gourmet chocolate and a gift card as a creative alternative to sending
flowers. Orders are placed by calling their world famous Bear Counselors at
1-800-829-BEAR or by shopping at http://www.VermontTeddyBear.com. Sister companies
include The PajamaGram Company, http://www.PajamaGram.com, The TastyGram Company,
http://www.TastyGram.com, The GiftBagBoutique, http://www.GiftBagBoutique.com and Calyx
Flowers, http://www.CalyxFlowers.com.
SOURCE The Vermont Teddy Bear Company
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Related links:
http://www.vermontteddybear.com
CONTACT:
Elisabeth B. Robert, President and CEO of The
Vermont Teddy Bear Company, +1-802-985-1398
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