Jewelry Television cuts more than 200 jobs
May 19, 2008
Knoxville, Tenn.—On-air jewelry seller Jewelry Television is the latest in the industry to cut staff in the face of trying economic times.
According to a media release issued on Friday, the television network is cutting 150 positions across the board at its headquarters in Knoxville, Tenn., from supervisors to vice presidents.
In addition, the company cut 65 positions at sister network Shop at Home, based in Nashville, Tenn., which Jewelry Television acquired in 2006, the
Knoxville News Sentinel reported.
Jewelry Television ceased broadcast operations at Shop at Home in March.
The company, which acknowledged the cuts were needed to make it more competitive in the face of the current economic downturn, also has plans to sell the Shop at Home facility and equipment.
Jewelry Television paid $17 million for Shop at Home two years ago; no sales price has been set.
According to the
Knoxville News Sentinel, the 25 technology and e-commerce support personnel remaining in Nashville will be relocated to a smaller facility once the 70,000-square-foot Shop at Home building is sold.
Jewelry Television airs live cable programming selling jewelry 24 hours a day, seven days a week. The company also sells jewelry and gems via its Web site,
Jtv.com.
According to
National Jeweler's 2008 The State of the Majors report, Jewelry Television reaches 68 million U.S. households and recorded sales of $480 million in 2007, a 1 percent increase over the previous year.
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