ST. PETERSBURG — It's a week HSN Inc. hopes to forget.
On Wednesday, the TV and catalog retailer was "No. 1" on the Nasdaq market — unfortunately, as the day's biggest percentage stock decliner. Friday, the company said it was eliminating 185 jobs and not filling an additional 52 open positions.
"In today's challenging economic environment, we have to position ourselves to drive the greatest value for our customers and shareholders," HSN spokeswoman Nancy L. Bushkin said. "As a result, we must streamline our operations and have eliminated a number of positions."
HSN Inc., which includes the HSN TV shopping business and the Cornerstone catalog operation, said about 110 HSN jobs were cut, less than 3 percent of the HSN unit's work force. Most of those jobs are in St. Petersburg. An additional 75 positions at HSN Inc.'s Cornerstone catalog were cut. None are local jobs, and they also make up less than 3 percent of Cornerstone's employees.
Both the HSN and Cornerstone cuts are immediate.
Bushkin said the company also has eliminated 52 open positions. "This decision was not made lightly but is necessary to remain competitive in the current environment," she said.
HSN and Cornerstone were part of CEO Barry Diller's IAC conglomerate. They were spun off as HSN Inc. in August and started trading at $10 before the shares briefly hit $16. Like most stocks since then, HSN's has been battered. It closed Friday at a record low $1.82.