Li & Fung Cuts 70 Percent of Hong Kong Procurement Staff – Sourcing Journal

Now-private Li & Fung has started slashing as much as 70 percent of its Hong Kong-based procurement staff. Since last week, the once-leading sourcing giant has been distributing dismissal notices that could affect hundreds of employees, according to a report in AA Stocks. Layoffs are also rumored to be underway in its Shanghai and Shenzhen…