09 November 2007

Nu Skin sheds workers, shops

Salt Lake Tribune:
"Nu Skin Enterprises is cutting staff at its Provo headquarters and closing 67 stores in China in an effort to restructure and trim costs.

The share price of the direct seller of personal-care products and nutritional supplements was down by as much as 17 percent Monday morning after it announced its third-quarter results but moderated somewhat by the close of the market and finished down 8 percent. Declines in revenue in Japan and China as well as a $6.8 million spent for its international convention in Salt Lake City dragged down earnings below market expectations, the company said.

In a filing Friday with the Securities and Exchange Commission, Nu Skin said its board of directors had approved a plan to increase profits in 2008 that included layoffs at the company's headquarters in Provo and in China.

Kara Schneck, senior director of corporate communications, said she had no figures on the number of employees to be laid off among the 1,200 in Utah but said it 'would be a very small number.' "

Tip of the hat to MLM Business Opportunities

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