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American Greetings Corporation
American Greetings Announces Cost Reduction Effort and Acceleration of Goodwill Impairment Testing
December 26th, 2008
American Greetings Corporation (NYSE:AM) announced the elimination of approximately 275 positions as part of a cost reduction effort. The positions being eliminated are located primarily at the Company's headquarters. The Company employs approximately 18,000 associates on a full-time equivalent basis with approximately 2,200 associates located at the Company's headquarters. American Greetings also announced that as a result of the recent deterioration in the global economic environment, indicators arose during the third quarter requiring the Company to accelerate the process to review goodwill and other long-lived assets. Accounting rules require an annual impairment...
Source: Health Business Week (2008-12-26)
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