NEW YORK — Watchmaker Movado Group Inc. said Thursday it will cut 90 jobs in an effort to reduce expenses and meet its fiscal 2009 guidance. The cuts, which represent 6 percent of Movado’s staff, will take place immediately and are expected to generate roughly $25 million in pretax annualized cost savings for the New Jersey–based company.
“Streamlining our organization is a difficult decision, because it impacts the people who have contributed to Movado Group,” said Efraim Grinberg, president and CEO. “However, we recognize that it is necessary to make decisions that not only respond to the current challenging economic environment, but that will also strengthen Movado Group for the long-term.”
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