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To get his company again on track after the multiple distractions of the distribution deal, the GE negotiations, and the aborted firm sale, “We had to reorganize the company completely,” Stewart says. ShopNBC reduce greater than 10 {deb9d0acad91e66ad75019caff732a4ae4c977d942e6c8e6b852e5d793f096b3} of the work drive—about 60 jobs. All informed, it had reduced its salaried work force by 27 p.c since 2007. But the company knew that trimming workers wasn’t almost sufficient to maintain it afloat. “We had a looming debt that was coming upon us,” Stewart recalls.
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This would leverage Stewart’s earlier expertise as basic manager of QVC’s German business unit. In August, ShopNBC reported second-quarter revenues $119 million, down from $142 million the earlier second quarter—a decline the company attributed largely on its shift to lower-priced wares. On the opposite hand, working bills had been down, and operating loss declined from $sixteen million to $10 million. Stewart notes that when he started, ShopNBC’s common worth point was $250—six times larger than the competitors’s. “We’ve been working very exhausting to scale back that average promoting worth so we will broaden the shopper base,” Stewart says.
“We are actually in the early …
