Bang & Olufsen Axes Jobs

Lots of companies are feeling the pinch of the global financial crisis, though it is a little surprising to see even Bang & Olufsen feel the pinch, though it certainly makes sense once you sit down and think about it. The company specializes in gadgets that are very expensive, which is something that almost everybody is trying to cut down on at the moment. From now on, it will only offer “core products” such as televisions and sound systems, which probably spells the end for B&O cell phones, DVD players and recorders. If that wasn’t drastic enough, the company is planning to axe 300 jobs to save about $27.5 million, though it is looking to open more shops in growth markets such as Russia or China.