1. Business

HSN lays off employees at St. Petersburg headquarters

Published Dec. 4, 2015

HSN Inc. laid off a portion of its staff at its St. Petersburg headquarters as part of an annual restructuring Thursday.

"Today, we made deliberate and strategic internal changes that were necessary in order for us to continue to stay competitive, maximize operational efficiencies, optimize growth and create great experiences for our customers," said Gigi Ganatra Duff, a company spokeswoman.

HSN spokespeople declined to say how many people lost their jobs, but said it was less than 1 percent of its workforce.

The cuts follow what company CEO Mindy Grossman called "disappointing" third-quarter earnings last month. She told investors on a quarterly call that "clearly our performance in the third quarter did not represent what we expect for the business."

The company's shares dropped 13 percent in response to the weak earnings report. The company's stock price closed at $50.17 Thursday, down 29 cents a share.

HSN also lost its chief merchandising officer, Anne Martin-Vachon, formerly of Nordstrom, earlier this year. She was ranked by Forbes as one of the 10 highest-paid chief marketing officers in America.


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