Sotheby's SEC 8-K Report

Sotheby's just released its SEC 8-K report and the news continues to be disappointing. The 8-K states that Sotheby's will continue to restructure in 2009 with additional staff reductions of 5%. In addition to the staff reductions, Sotheby's is implementing pay reductions for certain members of senior staff, requiring unpaid employee furloughs and a reduction in the US pension contribution.

Sotheyb's expects to save approximately $24 million annually between the 2008 and 2009 restructuring initiatives, with $15 million being realized in 2009.

Sotheby's also decided to reduce the annual dividend rate from $0.60 per share to $0.20 per share. Dividend payments are expected to be fall from $41 million to approximately $14 million.

To read the SEC 8-K click HERE.