Tiffany & Co. Could Be Munching It’s Last Carat

Tiffany & Co. Could Be Munching Its Last Carat  photo

It’s one thing to see small boutiques and speciality shops crumble under the credit crunch, but Tiffany & Co., the “fancy good emporium” that has been in existence for well over 100 years, joining the failure brigade is just absurd. Yesterday, Tiffany announced that earnings fell 75.6% in the fourth quarter…that’s a bit over 25% per month! One would think that the diamonds would drop in price or the charms would go on sale, but Tiffany still refuses to lower prices! So, what now? Does Tiffany toss out her pride or suffer the recession wrath? Tiffany’s temporary solution was to convince nearly 600 employees to retire early and to close sixteen of her pearl-jewelry stores. Sorry girl, but I think it’s going to take a big sale or some sort of economic miracle for Daddy Warbucks to even consider getting his little girl a rock from Tiffany’s. Change your tune or start digging your grave. 

 

Thanks NY Mag!


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