Li & Fung workers may get sacked

Hong Kong - Global sourcing giants Li & Fung is reviewing its cost structure that may result in a redundancy of staff who cannot be placed in other divisions.

The company, which sources for global retailers like Wal-Mart, said it has imposed a hiring freeze, will reduce travel and other expenditures, and in some cases lay off employees.

"At this stage, it is envisaged that a limited number of employees working with business units whose customers have suffered most severely will be made redundant," the company said in a statement.

Li & Fung said it was reviewing its cost structures due to the impact "worsening economic conditions" were having on its customers.