Employment News
Volcom Cuts About 8% of US Workforce
By Erik Even | Dated: 02-20-2009
Surf apparel maker Volcom has cut about 8% of its domestic workforce.
Volcom cut salaries for its CEO by 15%, for its senior management by 10%, and implemented salary cuts throughout the company.
CFO Doug Collier said revenue from Pacific Sunwear of California, its largest customer, fell 27% to $10.4 million in the quarter.
Total operating expenses for Costa Mesa, California-based Volcom, which sells clothes for action sports like skateboarding, surfing and snowboarding, more than doubled to $42.7 million.
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