Movado laid off about 100 employees today, many in their corporate HQ in Paramus, NJ.
They did it suddenly, without warning, and employees affected were told to pack their things and leave immediately.
They did this right before their big annual Baselworld show in Switzerland. Hundreds of thousands of dollars are spent on airfare, hotels and entertaining at this show.
Many of the employees let go are long time employees, over 50 years old, with many years at the company.
Lay-offs were arranged in NJ HQ Office, Moonachie and CN, along with a department of service field merchandisers for the licensee brands. Kept the people who do bare minimum, let go of the people who did their job but had timid upper management for support. The people who have kept their positions have no clue what they are doing. Insiders say they still have no clue but afraid to ask because it will show they have no justification their job can be done accurately. Upper management, VPs and Executive levels were changed in the "aftermath" and to have said they had no idea this was going to happen is a lie. Severance packages were paid out in installments based on "years of service", plus kick back/hush money for signing without rejecting terms on agreement.
Uh, No. I was let go in the Movado Reduction in Force and did not receive 12 weeks. They do discriminate between roles and severance.
12 Weeks is pretty good in my book
Most companies give you 2 weeks
After more than 20 years working for the company ? Generous - are you being honest ?
If it is true that is was "only" 12 weeks severence, then that is extremely generous. I know people who lost their jobs from other companies and got nothing. Time to be thankful.
Not all go got generous as someone said.
Plus now since college is I see they now trying to post internships to pay low wage for jobs that eliminated for executives mistakes
generous severance packages that was a joke and who ever said it was to August is wrongly mistaken most people only got 12 week and had to sign a paper to get it if not it would have only been a 4 to 6 weeks
We will be able to see who is right after the Q1 financials have been published. I will only believe it once I read the amount black on white.
You are wrong. All laid off employees were given generous severance packages through August.
You are wrong. All employees were given very generous severance packages.
They're losing money on their ridiculous attempt to have a "smart" watch. What were they thinking to even attempt to compete with iWatches and Android watches then have the nerve to price theirs HIGHER when it does about 10% of the others! Yeah, that's a read "genius" idea that cost them a fortune. Fools.
By the way, the lay-offs were done under the guise of "bad reviews" so they don't have to pay a dime in severance pay to people who have worked there for 10-20 and some even more than 20 years. No way to treat people.