Katya Kazakina has the story on Bloomberg:
“I certainly understand that announcing a cost reduction program right after two weeks of dazzling sales may be unexpected,” Tad Smith, Sotheby’s chief executive officer, said in a memo e-mailed to staff and obtained by Bloomberg News.
Management wanted to start the process in a way that’s “as respectful to our valued staff as possible: that is, to give colleagues an attractive economic opportunity to volunteer to resign, should they wish to do so,” Smith said in the e-mail.
If the voluntary program doesn’t achieve the cost savings Sotheby’s needs, it’s possible the company will turn to layoffs, Smith said.
Sotheby’s Offers Employees Voluntary Buyouts to Cut Costs (Bloomberg Business)