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Li & Fung reviews operating costs in light of economic downturn
10 Nov '08
2 min read
Due to worsening economic conditions which are impacting some of its customers, Li & Fung Ltd announced that the company is undertaking a critical review of its cost structure.
Initiatives include a hiring freeze in most locations, reduction of travel and other discretionary expenses and, as a last resort, employee downstaffing.
While extensive efforts have been made to place employees in other divisions, those who cannot be placed elsewhere in the company will be made redundant. Beyond their terms of employment and statutory requirements, the company will provide job placement and career counselling and a hotline for assistance. 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.
The company recognises the challenging times faced by companies worldwide. It will be monitoring market conditions to ensure the continuing strength of its franchise and to meet its responsibilities to all its stakeholders including customers, employees and shareholders.
Li & Fung Limited is the world's leading consumer goods supply chain management company, managing the supply chain for retailers and brands worldwide. Headquartered in Hong Kong, the Group services its customers globally through a sourcing network of over 80 offices in more than 40 economies.
Initiatives include a hiring freeze in most locations, reduction of travel and other discretionary expenses and, as a last resort, employee downstaffing.
While extensive efforts have been made to place employees in other divisions, those who cannot be placed elsewhere in the company will be made redundant. Beyond their terms of employment and statutory requirements, the company will provide job placement and career counselling and a hotline for assistance. 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.
The company recognises the challenging times faced by companies worldwide. It will be monitoring market conditions to ensure the continuing strength of its franchise and to meet its responsibilities to all its stakeholders including customers, employees and shareholders.
Li & Fung Limited is the world's leading consumer goods supply chain management company, managing the supply chain for retailers and brands worldwide. Headquartered in Hong Kong, the Group services its customers globally through a sourcing network of over 80 offices in more than 40 economies.
Li & Fung Limited
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