RENO, NV - Reno's Skagen warehouse is closing before the end of this year.
The international watch company with American headquarters in Reno was bought by Fossil in January for $237M. At the time, Skagen ownership said the Reno location wouldn't move, and in fact, there would be room for growth.
But since then, Fossil's profits have not been as strong as forecast, according to Businessweek, and the company's value has dropped in premarket trading. The company also decided there was some job redundancy.
A letter sent to some Reno Skagen/Fossil employees says the warehouse will close July 16th, with about 70 workers being laid off in September or October. Several dozen more are being offered jobs at the company's facility in Texas.
Skagen/Fossil also makes purses, sunglasses and jewelry.