Pursuits
Sotheby's Buyout Program Will Eliminate 5% of 1,600 Employees
- Company will recognize a charge of about $40 million
- Auction house said this month it wouldn't resort to layoffs
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Sotheby’s expects a buyout program to result in a 5 percent net reduction of its 1,600 employees.
The company will recognize a charge of about $40 million in the fourth quarter as a result of the buyouts, according to a filing on Monday by the publicly traded auctioneer, which is under pressure from investors to improve profitability.