Did you hear?... Smith Sport Optics downsizes
In more downsizing news, SNEWS® has learned that Smith Sport Optics laid off seven full time and two part-time employees on March 25. Like Oakley last year, Smith was impacted -- though far less severely -- by the sale of Sunglass Hut chain Luxottica (click here to read story). Luxottica is a major competitor to Safilo SpA, the parent company of Smith and Carrera brand sunglasses and goggles and as a result, Sunglass Hut stopped carrying Smith products. In addition, Smith opened several international subsidiaries -- one in Canada, one in Italy -- as well as a field office in Southern California, making some of the work previously done in Ketchum unneeded. SNEWS® View: Combine job redundancy with flat sales and the 15 to 17 percent hit on sales the loss of Sunglass Hut business had on the bottom line, and you have a recipe for layoffs. Still, in the overall scheme, Smith sales remains very strong and the future for the company looks rosy. Annual sales last year were in the $50 million range and Smith's parent company just purchased a mall-based retail chain of six stores currently, giving Smith a bit more control of its own retail destiny.
