RICHARDSON, Texas (February 24, 2009)-According to the website Luxist.com, Fossil Watches is just the latest company to fall on hard times, and announce a new round of job cuts. Those cuts are expected to saw the company $16 million annually.

In total the company is planning to cut 260 people globally from its workforce of nearly 6,000. Fossil sales fell 13% in the last quarter of 2008, though overall sales for the year were actually up by nearly 11%

The company, which has seem rapid retail store expansion in recent years, is planning to slow new store openings. Fossil not only sells its own products, but also creates watches for designers like Giorgio Armani, Michael Kors, Adidas, Burberry, Marc Jacobs, and Donna Karen.