Hallmark Cards Announced Voluntary Job Cuts
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KANSAS CITY, Mo. (AP) – Hallmark Cards officials say they expect a voluntary job cut program to eliminate between 300 and 400 jobs at the greeting card company.
The Kansas City-based company announced the employee buyouts Tuesday. Hallmark says the job cuts are prompted by disappointing financial results during the recession and slow recovery.
The Kansas City Star reports the buyouts are being offered to employees who are at least 50 years old and have at least 15 years of vested service with the company.
Hallmark, a privately held company, said its consolidated net revenues were $4.1 billion in 2011, the same as in 2010. It said in a news release that the company expects 2012 to be another difficult year.
About 1,500 out of Hallmark’s 7,500 U.S. employees are eligible for the offer.
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