AUSTRALIA: Globe Cuts Costs At US Unit, Trims Lines
By: just-style.com | 2 June 2003
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Troubled skate and streetwear company Globe International has reduced the number of product lines sold under its brands and embarked on a cost-cutting programme at its loss-making US unit in a bid to reverse its fortunes. The Melbourne-based company, which earlier this year posted a 98 per cent year-on-year plunge in first half net profit and saw its chairman and CEO resign, is reported to have saved up to A$8 million at its US division already.
Troubled skate and streetwear company Globe International has reduced the number of product lines sold under its brands and embarked on a cost-cutting programme at its loss-making US unit in a bid to reverse its fortunes. The Melbourne-based company, which earlier this year posted a 98 per cent year-on-year plunge in first half net profit and saw its chairman and CEO resign, is reported to have saved up to A$8 million at its US division already.
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