Successories Cuts 42 Positions

Aurora, IL–Motivational products manufacturer/marketer Successories (NasdaqNM: SCES) cut 42 positions–or 17% of its corporate headquarters workforce. The company estimates the measure will save about $1.7 million a year in wages and benefits.

Successories reported the news at the same time that it announced a 21% drop in second-quarter revenue. For the three months ended Aug. 4, sales were $9.7 million. Catalog and Internet sales fell 18%, following a reduction of prospect circulation, which in turn followed lower-than-expected response rates. Company-owned stores suffered a 16% drop in sales, and sales to franchisees fell 15%. After recognition of $1 million of income tax expense related to the reduction of its deferred tax asset, Successories posted a net loss of $2.8 million for the quarter.

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