In a difficult economy, Friday’s are the days to watch as bad news usually hits at the end of week, particularly when it comes to lay-offs. Last Friday on March 30, there was preliminary news from friends who work at Volcom that lay-offs were coming. No one knew exactly what the details were—if the lay-offs would be at the headquarters in Costa Mesa, CA, or in Europe–but something was taking place.
Volcom, which was purchased by Paris-based luxury label PPR last year for $607 million (owners of Puma and Gucci), has been hit by the difficult retail crisis taking place globally. Transworld Business confirmed the rumors of lay-offs with a quote from CEO Richard Woolcott, “Given the continued challenges in the U.S. retail environment and the current economic situation in Europe, we determined it was necessary to make the difficult decision to adjust our cost structure, including a workforce reduction. Volcom, however, remains strong and we are moving forward with our strategic initiatives to become a truly global action sports brand.”
Apparently 30 positions have been eliminated so far at Volcom.