IBACH – “Our company has never been as hard-hit as it was by the Sept. 11, 2001, terror attacks in New York and Washington,” the 55-year-old Elsener says. Almost overnight, after sharp objects were prohibited on airplanes, sales of the fireman-red knives — which had been a duty-free staple in airport stores and on flights — collapsed.”We lost over 40% of our business,”, Elsener recalls. “Airports sent vast quantities of the knife back to us.” He is proud to this day that the company was able to absorb the losses without firing a single employee. “Jobs have always been a main focus for us,” he says. “We really do see ourselves as a big family, in good times and bad.”
This is a perfect example of a family owned business vs. one that is publically listed on the stock exchange. Family owned business is about jobs and the publicly owned one is about profits.
One thought on “Swiss Army Knife maker Victorinox, lost 40% of business post 9/11 and fired no one”
Yeah – this “taking care of” thing is a foreign concept.