Word: staffs
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Dates: during 2000-2009
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...Brennan, an office-furniture store owner in the Philadelphia area, couldn't believe how quickly and ferociously the recession hit his business. Demand for office furniture had surged to new highs in 2008, causing him to frantically add staff to meet furniture orders and allowing him to wrap up the year with revenue surpassing the $24 million mark - the highest level since his company's launch in 1989. But all of that came to an abrupt halt in January 2009 when the recession forced companies to postpone or cancel office expansions and renovations, causing demand for Brennan's office furniture...
...adapt, Brennan cut staff to 30 employees from 60, and is bracing for 2009 revenue to fall to $10 million from $24 million...
...Staff writer Brian A. Campos can be reached at bcampos@fas.harvard.edu...
...Staff writer Alexandra J. Mihalek can be reached at amihalek@fas.harvard.edu...
...Staff writer Elias J. Groll can be reached at egroll@fas.harvard.edu...