This isn't too bad, but its sad nonetheless:

Burberry, like many other luxury labels, has announced it will be laying off around 500 employees.

Odd, considering Burberry Group plc saw revenues in the third quarter rise 30 percent, which were due largely to favorable currency fluctuations. Indeed, sales are on the rise in all of their markets -- with the exception of Spain, which has sales dropping 17 percent in the period.

To remedy this and cut costs in general, Burberry  it would terminate its Thomas Burberry clothing business, made chiefly for the Spanish market, and streamline operations in that country. [WWD]