Korn/Ferry Hits 6-Year Low

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.

Elaine Rigoli has nearly 15 years of experience managing content and community for various B2B and consumer websites. Elaine has written thousands of business and technology articles and has been quoted in The Wall Street Journal and eWeek, among other publications.


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