Monday, March 2, 2009

Cell Therapeutics Cuts 62 in Italy

Seattle-based Cell Therapeutics, which is developing chemotherapy drugs, said Friday that it is closing its European operations and laying off a total of 62 employees. According to Cell Therapeutics, the move is expected to save it $14M in annual operating costs. Cell Therapeutics said that it is in the midst of negotiation with trade unions in Italy as part of "collective dismissal" procedures required in Italy to lay off employees. As part of that effort, CTI said it has hired on a management consulting firm to find strategic options for its workforce in the firm's Bresso, Italy operations.