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.
Friends, community and Smith Sport Optics rallying to support injured friend
Teresa Hukari, dealer services manager at Smith Sport Optics, was severely injured in a skiing accident in Sun Valley on March 4. (See our story, Industry veteran, Teresa Hukari, needs your prayers and positive vibes.) Hukari dictated a letter to her sister as a thank you for ...read more