Maritz cuts 260 employees - St. Louis Business Journal:

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Beth Rusert, a spokeswoman for the company, said the compant gave notice Thursday to the employees and the last day for most of thoser being cut will thiscoming Wednesday. Some of the employees whosew jobs are being eliminated will have thei r final day extended beyond Wednesday so they can complete she said. The cuts extendf across all of theinternational company’s offices, Rusert and all of those being laid off will receive outplacemengt services and a severance packagwe based on each employee’ws length of service.
It was not clear how many employeees are impactedat Maritz’s headquarters here, wherr Maritz had 2,223 employees prior to the Maritz reported a total staff of 3,129 , prior to the latesyt cuts. The company, which reorganizedr its top management , had 208 employeese over age 53 accept a buyoutyoffer . At the time of the Maritz executives said the company would need to make deeper cuts given the downturnb inthe economy. Maritz is one of the largerf private companies in the countruand 14th-largest private firm in the regiohn based on revenue of $1.49i billion for its fiscal year that ended March 31, accordinv to Business Journal research. In an interview in Maritz Inc.
CEO Steve Maritz said the company would report increased revenue for its fiscal year that endeMarch 31, but he cautioned then that his family-owned business was seeinh a significant drop in both its travel and meeting businesses in the currentg economic slump. Maritz’s core businessesd serve the automotive andbankint industries, both of which have suffered in the curren economic downturn. The incentive and meeting industries saw a wave of cancellationds starting last year after word spreadof ’ $400,000 incentive program after it received an $85 billion loan from the U.S.
said Vince Alonzo, editor-in-chief of trade publications, and in New Alonzo said banking, auto and other businesses that have takenm bailout money from the federal government have canceledbusinesd meetings, and that trend has spilled over to othedr industries as the economy tightened.