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Executive search firm Heidrick & Struggles International Inc. (NASD: HSII) said today it would cut 15% of its staff amid difficult market conditions. The company said it wasn't able to quantify expected savings at this time.
"Cost savings initiatives that we implemented earlier this year had the anticipated positive impact on 2008 results through the third quarter," said CEO L. Kevin Kelly. "However, given search confirmations in November that were approximately 20% lower than anticipated and deteriorating global market conditions, we are taking appropriate actions to preserve capital and to align expenses. Reductions in headcount are by far the most difficult decisions, but are necessary to position the company for the future."