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Dep cutting non-production workforce by 9% as part of cost-reduction program.

This article was originally published in The Rose Sheet

Executive Summary

DEP REDUCING NON-PRODUCTION WORKFORCE BY 9% as part of a plan to reduce operating expenses, the company announced March 20. Prior to the cutbacks, which were instituted in late February, Dep had approximately 350 employees, the company said. Additional cost reduction measures include a 10% cut in the annual base salary of Dep's top four executives and a 15% salary cut for Dep Chairman and President Robert Berglass. The plan is expected to translate into approximately $1.2 mil. in annual savings
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