Toronto auction house Ritchies lays off staff
Last Updated: Tuesday, August 4, 2009 | 7:33 PM ET
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A well-known Toronto auction house has laid off its entire staff amid speculation of financial turmoil at the firm, CBC News has learned.
About 25 employees at Ritchies Auctioneers received layoff notices at the end of last week.
Ritchies has been in business since 1967. Last week, Stephen Ranger resigned as president and chief operating officer after 22 years with the company.
His resignation came after the famed auction firm Sotheby's ended its relationship with Ritchies over what it said were the Toronto firm's late payments.
Calls to Ritchies late Tuesday afternoon went unanswered.
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