During a live conference call with investors on Wednesday, Korn/Ferry said demand for the company’s suite of services experienced a “precipitous decline in the last eight weeks of calendar 2008.”
Shares fell nearly 14%, or $1.30, to $7.89. This is the lowest level since June 2003.
Korn/Ferry CEO Gary D. Burnison said the “unprecedented” economic environment has impeded business throughout the world.
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“Despite our leading brand and diversified strategy, unfortunately we have not been immune from the recession that has affected virtually every company conducting business today,” he said.
The company also said it plans to lay off staff and close some offices in Q4 2009.