Mannatech (NADDQGS: MTEX) has made the unfortunate announcement that they will have to eliminate around 15% percent of its U.S. workforce which is around 60 employees. In addition to the layoffs, Mannatech will be making other reductions in expenses to improve the profitability of the company.
Wayne Badovinus, President and CEO of Mannatech, the health and wellness company, released a statement, saying, “Mannatech’s executive management team has made this difficult decision which will reposition the company for improved profitability and enhancement of shareholder value.”
After an extensive internal review of the company, executives have made plans to streamline projects and re-prioritize their business to improve the quality of the business as well as build and generate more revenue. Mannatech hopes that the re-organization process will create stronger leadership and help to improve domestic sales.
There are currently 449 employees at the company’s Coppell, Texas Headquarters and 613 employees worldwide.
It seems that the company is having some problems within the United States. With the layoffs coming so close to when 2nd quarter results are being announced, it will be interesting to see how well or how poorly the company did during the 2nd quarter.
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