KANSAS CITY, Mo. — Hallmark Cards on Tuesday announced a voluntary job cut program that is expected to eliminate 300 to 400 positions.
The employee buyouts, prompted by disappointing financial results during the recession and slow recovery, are being offered to employees who are at least 50 years old and have at least 15 years of vested service with the company.
Hallmark, a privately held company, said its consolidated net revenues were flat at $4.1 billion in 2011, the same as in 2010.
“The company expects 2012 to be another difficult year and is taking steps now to reduce costs and improve its competitiveness,” according to a statement announcing the program. “While many steps have been taken to reduce costs, it is necessary for us to take additional action to change our cost structure for the long term and enable us to invest in our future.”
About 1,500 out of Hallmark’s 7,500 U.S. employees are eligible for the offer. About 3,700 Hallmark employees work in its Kansas City headquarters.