The Wall Street Journal announced this morning that Versace is cutting 350 jobs, nearly a quarter of their work force. I don’t think anyone was ignorant enough to believe that high fashion would go untouched by the recession. The news is full of reports of layoffs and closures in the world of glam at the moment. Yesterday Conde Nast announced further layoffs on several different publications as well. It is rare these days to open a paper or a search engine without seeing a reference to a fashion house in trouble or making cutbacks. For Versace, though, the news is not good. They are reporting a pre-tax loss of $44.4 million compared to 2008 when Versace posted a net profit of €9 million. Let’s hope new CEO Gian Giacomo Ferraris can shake things up a bit and keep the name of Gianni Versace alive for future generations.