Mannatech announced on Thursday that it will cut approximately 15 percent of its U.S. staff, which amounts to about 60 positions.
The cuts come on the heels of a poor first quarter 2008 performance, with revenues down 13 percent compared to first quarter 2007 and profit margins down nearly 3 percent.
The job losses will occur in Coppell, Texas, where the company’s headquarters is located. Mannatech currently employs 613 people worldwide, and 449 in the U.S. It is unclear whether or not Mannatech will make cuts on its global workforce.
Mannatech’s CEO, Wayne Badovinus said, “We are committed to working with current and former employees as we move through this process. Our ultimate goal is to create a stronger, leaner organization that will restore domestic sales growth.”
Mannatech recently got favorable news when a judge ruled that Glycoproducts International (Glycobiotics) had infringed on a patent of Mannatech’s. The judge ordered a permanent injunction against Glycobiotics and Mannatech will now seek damages related to the infringement.
