The Fashion Institute of Design & Merchandising in Los Angeles has given notice of a mass layoff that will affect 322 employees, but the institute said most likely will retain their jobs under new ownership.
In a Sept. 19 posting on FIDM’s website, management said it has entered into an agreement to be acquired by SKEMA Business School, a private, nonprofit education and research institution based in France.
Subject to accreditation and regulatory approval, the deal is expected to close in early 2024.
FIDM officials could not be reached to explain why the institute is being sold. But in a recent notice to the state Employment Development Department, Human Resources Director V. Kim Wetzel linked the layoffs to “business conditions.”
Wetzel said the layoffs — which include 225 faculty members, seven department chairs, five counselors, five IT employees and five student workers, among others — are set to be completed by Dec. 30.
Following the acquisition, the institute will operate as SKEMA Business School LA with a focus on creative business and management programs. The move aims to combine the educational offerings of both institutions while “enhancing opportunities for students in the global business landscape.”
Earlier this year, FIDM announced that its fashion-design program had merged with Arizona State University‘s Herberger Institute for Design and the Arts, which is now named ASU FIDM. Herberger operates in both LA and Phoenix.
Barbara Bundy, FDIM’s vice president of education, said SKEMA’s acquisition of FIDM “could give FIDM students new aspirations and avenues of employability in a rapidly expanding global industry.”
Wetzel said FIDM anticipates “it is likely that a substantial percentage of non-faculty staff, as well as certain active faculty members will be offered new employment” at the institute’s 919 S. Grand Ave. location, although that decision will be made by SKEMA.
FIDM officials said students studying…
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