Financial Collapse RSS

Nov 22, 2008

Taiwan's Largest Home Appliance Chain - Tsann Kuen to lay off 600 employees

Tsann Kuen Trans-Nation Group, the parent company of Tsann Kuen Enterprise Co. -- Taiwan's largest home appliance and consumer electronics chain -- confirmed Friday it will reduce its work force by 3 percent -- about 600 employees -- to cope with the economic downturn.

Executives of the group said the redundancy plan will cover Tsann Kuen's operations both in Taiwan and overseas.

They added that despite the economic recession, Tsann Kuen is striving to maintain a profit margin for its shareholders, and that the company had adopted the redundancy plan, so as not to have to force its workers to take unpaid leave or slash their salaries instead.

"For those hard-working employees in some of our busy retail stores, the company will raise their pay by 1.5 percent," the top management said.

The group's retail chain has 263 retail outlets in Taiwan and on the offshore and outlying islands of Penghu and Kinmen. It also has a production base in Zhangzhou, China's Fujian province, and eight retail outlets in Japan.

It not only has Taiwan's largest retail chain selling mainly computer, communication and consumer (3C) products, but also is a manufacturer of small-size electric home appliances.

Products produced by the company include irons, coffee makers, pop-up toaster ovens, conventional ovens, electric saucepans, juice extractors, electromagnetic ovens, electric vacuum cleaners and microwave ovens.

Statistics show that the group's revenue in October dropped 20.88 percent from the same month of 2007, while revenue in the first 10 months of this year also decreased 3.76 percent, compared with the corresponding period last year.

Since 2003, the group has ventured into the travel business, with good results. Its subsidiary, Star Travel, recorded a 20 percent business increase in September in spite of the economic recession.

Source : TaiwanNews
[tags : ]


Related Posts with Thumbnails