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Recession Rumormongering

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A Racked informant passes on the following sad rumor about retailer Steven Alan: "Steven Alan laid off two workers at its downtown NYC location today and cut pay for all of its employees by 10%. Last month the company was five days late on its LA payroll and there are rumors health insurance and 401K's will be cut soon. This all follows the company opening five stores in less than a year—4 in LA and one in Brooklyn. The most recent one in LA just last month. Some full time corporate office staffers will be required to work on the floor to fill in the gaps." Okay, that last bit is somewhat humorous. [Racked Inbox]