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LifeWay cutbacks reflects 'tough times'

 

NASHVILLE, Tenn. (BP) — LifeWay Christian Resources, one of the world’s largest providers of Christian products and services, announced Aug. 1 that it is reducing its workforce by approximately 5 percent and cutting expenses in other parts of its operations.

LifeWay is a religious nonprofit organization related to the Southern Baptist Convention but does not receive direct financial support from the denomination. It is funded totally through its sales.

“LifeWay Christian Resources is feeling the pinch of tough economic times,” the statement said. “Higher fuel prices, inflation, bank and housing crises, and much more have lowered consumers’ discretionary spending, which in turn is leading to lower-than-projected revenues.”

Employees whose positions have been eliminated will receive severance pay, some benefits, and outplacement services, the statement said. In addition, some of those employees will be able to take advantage of retirement benefits.