Hallmark Cards Inc. will cut about 400 jobs worldwide, including 325 at its headquarters of Kansas City, Missouri, the company said Monday.
Hallmark will offer buyouts before turning to layoffs. The company said affected workers will receive severance pay and assistance as they seek new jobs.
CEO Mike Perry said the “rapidly evolving retail and consumer environments” requires the company to transform the way it does business.
Hallmark employs about 3,400 people in Kansas City and 30,000 people worldwide. In addition to greeting cards, it owns the Hallmark Channel on cable TV, Hallmark Gold Crown stores, the Crayola brand of art supplies, and a real estate development company that oversees Kansas City’s Crown Center complex, where the headquarters is located.
The privately operated company said in a news release that it “saw positive performance across the enterprise in 2019.”
Borden Dairy Co. is the second major dairy producer to file bankruptcy in recent months citing an increasingly challenging industry for producers and “unsustainable” debt.
The privately-owned Dallas-based dairy company announced Monday it would initiate bankruptcy proceedings, but that it would continue operating the business as usual throughout the process.
Borden plans to use the restructuring to reduce its current debt which it said has become “unsustainable,” and maximize the value of the company long-term, according to a release from the company.
Borden’s assets and debt both fall within the $100-$500 million range, the company detailed in a filing.
“This reorganization will strengthen our position for future prosperity. Over the past 163 years, we have earned the distinction of being one of the most well-recognized and reputable national brands,” Borden CEO Tony Sarsam said in a statement. “We remain committed to ‘The Borden Difference,’ which is our promise to be the most service-oriented dairy Company that puts people first.”
Borden was founded in 1857 and was the first milk company to use glass milk bottles. Today, the company distributes nearly 500 million gallons of milk every year. The producer operates 12 milk processing plants and nearly 100 branches across the country. The company employs 3,300 people.
— Bulletin staff and wire reports