American Greetings Corp., Cleveland, the greeting-card maker and online marketer, plans to eliminate 1,500 employees, about 13% of its workforce.
The firm also said profit in fiscal 2002 will fall short of forecasts, according to news reports.
The job cuts will begin immediately. The company said profit before charges is forecast to be between $1.10 and $1.20 a share in the year ending February 2002.
American Greetings is struggling with declining sales at smaller regional retailers and increased competition from low- priced and Internet card companies. American Greetings also expects the slowing economy this year to damp consumer spending on cards that aren’t for special occasions.
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