Watches
Swatch Cuts 2,400 Jobs as Watchmaker Trims Store Network
- Omega maker accelerates closures in Hong Kong amid sales slump
- CEO Hayek shifts tack after maintaining jobs in past crises
Swatch Group AG cut 2,400 jobs, a record cull, and trimmed its store network as the Swiss watchmaker became unprofitable for the first time.
The maker of Omega and Longines timepieces said Tuesday it accelerated plans to shut stores permanently in Hong Kong as well as shops that sell its colorful namesake brand and Calvin Klein timepieces. Sales in the six months through June plummeted 43%.