Qurate Retail Group, the owner of West Chester’s QVC, HSN and several other properties, said Tuesday it was laying off roughly 400 employees as part of a broader turnaround plan, reports the Philadelphia Business Journal.
Colorado-based Qurate (NASDAQ: QRTEA) said the job cuts impact QVC, HSN and its corporate shared services teams in the U.S. The last day for most of the impacted employees was Tuesday, the company said in a statement on the eve of its fourth-quarter earnings report Wednesday morning.
“These decisions are not easy but are necessary in realigning how we manage the business and heighten focus on critical priorities,” Qurate said in a statement.
Shares rose 9% in after-hours trading Tuesday to $2.30.
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Qurate said it is offering impacted employees severance pay, extended COBRA benefits and outplacement services — including access to an alumni talent directory — as well as extended access to its employee assistance program. It did not provide a geographic breakdown of the impacted employees.
To find out more about Quarate's turnaround plan, go to PBJ.com.
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