Academy Award Maker Plans Layoffs In Chicago
Siegel said R.S. Owens will start work on the Oscar statues soon in advance of the Feb. 24 show. But right now, the factory is producing, among other things, trophies for this year's Cotton Bowl.
Part of the labor cost problem, Siegel said, is the time spent polishing the statues by hand.
"Just on the statuette, there's over an hour of polishing," he said, "and on the base there's probably 45 minutes of polishing."
St. Regis President Richard Firkser said that labor-intensive process is part of the reason his company is buying R.S. Owens."It's really the workmanship of the artisans in Chicago that make it happen," he said. "Unfortunately, it doesn't make economic sense to hire back each and every employee." Firkser said he doesn't know yet how many will be rehired, and he declined to say how much St. Regis is paying for R.S. Owens. The Owens name will continue to be used for the Oscars and other products made in Chicago. An email request for comment sent by The Associated Press to The Academy of Motion Picture Arts and Sciences was not returned.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV