HONG KONG-Sourcing giant Li & Fung Ltd said over the weekend that it is cutting travel and discretionary expenses, implementing a hiring freeze and carrying out an unspecified number of layoffs.
In a statement, the company said that it is “undertaking a critical review of its cost structure” in light of worsening economic conditions around the world.
“At this stage, it is envisaged that a limited number of employees working with business units whose customers have suffered most severely will be made redundant, ” Li & Fung said. Company executives could not be reached for further comment.
The company’s shares fell more than five percent on the Hong Kong Stock Exchange Monday to close at 5.16 Hong Kong dollars.