JTV Cuts 215 Jobs in Face of U.S. Recession

Jewelry Television has eliminated more than 200 jobs as part of a restructuring in response to the economic downturn in the U.S., the company revealed on Friday. The company also announced plans to sell its Shop At Home facility and equipment acquired in 2006 for $17 million, Knoxnews.com reported.

“It's a permanent restructuring to get expenses in line with revenue. The economy may not see any relief any time soon," Jewelry Television spokeswoman Kelly Fletcher said. "I think we'll weather the storm and come out a much stronger company."

The layoffs ranged from supervisors to vice presidents and included 150 people from the company’s Knoxville, Tennessee headquarters and sixty five employees from Jewelry Television’s Nashville facility.

Tim Matthews, CEO and president of Jewelry Television, said he has no plans to relocate or move current positions outside of east Tennessee.

"The economy is not within our control; however, we have a responsibility to implement a strategic plan that adequately addresses an increasingly competitive environment. Our primary objective is to provide stability to the remaining majority of our employee base and continue delivering great jewelry and gemstones at value prices to millions of Americans,” Matthews said.