Richardson-based Fossil, Inc., plans to cut jobs and salaries after a 4th quarter loss.
The watch and accessories maker is eliminating about 260 positions while all executive officers and senior vice presidents are taking a pay cut.
Compared to 4Q 2007, Fossil's gross profit fell 2.4 percent to $242.4 million while operating income fell 29.6 percent to $58 million. Additionally, for the same period, net income fell 12.9 percent to $46.3 million.
The company is also under a hiring freeze and has suspended pay increases.