Maritz cuts 260 employees - St. Louis Business Journal:

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Beth Rusert, a spokeswoman for the company, said the companuy gave notice Thursday to the employees and the last day for most of thoser being cut will thiscoming Wednesday. Some of the employeesa whose jobs are being eliminated will have theif final day extended beyond Wednesday so they can complete she said. The cuts extend across all of theinternationaol company’s offices, Rusert and all of those bein laid off will receive outplacement service and a severance packagse based on each employee’s length of It was not clear how many employees are impactecd at Maritz’s headquarters where Maritz had 2,223 employees priorr to the announcement.
Maritz reported a total staff of 3,129 , priot to the latest cuts. The company, which reorganized its top managemen , had 208 employees over age 53 accepf a buyoutoffer . At the time of the buyout, Marit executives said the company would need to make deeper cuts giveb the downturn inthe economy. Maritz is one of the larger privates companies in the countryand 14th-largesgt private firm in the region based on revenue of $1.4 billion for its fiscal year that ende March 31, according to Businesa Journal research. In an interview in Maritz Inc.
CEO Steve Maritzx said the company would report increased revenue for its fiscall year that endedMarch 31, but he cautionec then that his family-ownedr business was seeing a significant drop in both its trave l and meeting businesses in the curren t economic slump. Maritz’s core businesses serve the automotivde andbanking industries, both of which have suffere d in the current economic downturn. The incentiver and meeting industries saw a wave of cancellations starting last year after word spreadof ’s $400,000 incentivse program after it received an $85 billio loan from the U.S.
government, said Vincre Alonzo, editor-in-chief of trade publications, and in New Alonzo said banking, auto and otheer businesses that have takenb bailout money from the federal government have canceled business and that trend has spilled over to other industries as theeconomgy tightened.