Tuesday, December 30, 2008

Chanel to Layoff hundreds of people

Chanel to layoff hundreds of people.

Chanel, one of the most high end French fashion names, is to lay off 200 Paris based staff. When global brands like Chanel are firing people right and left whereas at the same time Five and Dime stores are doing the same, it states that clear across the board people are feeling the effects of the depression.

People are frustrated and worried about their debts as recession effect is so bad that people who were millionaire before six months, are now struggling to pay their outstanding debts...

Corporates run for profits. I don't feel shocking when I hear of people being laid off from whatever organization. Money is prime necessity and motto of any corporate. So, this is completely justified for them to lay off people if it increases profits. However, Something should be done for those who are jobless. I think corporates in consultation with government should take some steps.
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