Versace To Layoff 26% Of Its Workforce

Facing a $44 million operating loss and sales predicted to fall 19% this year, Versace will cut 350 jobs or 26% of its workforce. According to the Italian fashion house plans on an internal revamp which includes cutting overhead and closing stores in Japan among other plans. With a new business plan Versace has set its sight on profit for 2011.

Ouch! The continued layoffs break my heart. On the brightside Versace will continue to grace us with the beauty Donatella.

Gallery info: Donatella Versace shopping at The Fashion Mall in Rio De Janerio, Brazil on October 24, 2009.