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An east coast informant tells our sister site in New York that even the shirt king is feeling the cold hand of the recession on the back of his neck:
Steven Alan laid off two workers at its downtown NYC location today and cut pay for all of its employees by 10%. Last month the company was five days late on its LA payroll and there are rumors health insurance and 401K's will be cut soon. This all follows the company opening five stores in less than a year—4 in LA and one in Brooklyn. The most recent one in LA just last month. Some full time corporate office staffers will be required to work on the floor to fill in the gaps."We do hate to hear stories like this, although it sounds like the company is making some smart decisions. Was the Los Feliz outlet store the final straw?
· Recession Rumormongering [Racked NY]
· Now Open: The Steven Alan Outpost Brings Recession-Friendly Plaid to Los Feliz [Racked]