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Thursday 19 January 5:46 p.m.
The economic downturn has finally hit Jay-Z, or should
I say his staff. JAY-Z has been forced to lay off half of the workforce at his
Rocawear clothing company as a result of the struggling global economy.
This comes only weeks after he gifted Rihanna a new
Jeep to celebrate her success in 2011. Not to mention lavishing his daughter
with crystal high chairs and a gold plated rocking horse!
The 99
Problems hitmaker sold the rights to his fashion brand to the Iconix Brand
Group in 2007 but he remains a shareholder and is still in charge of product
development, marketing and licensing.
He and the
other bosses at the firm have been feeling the pressure of the market downturn
and they had to let 28 of Rocawear's 56 employees go on 6 January, the day
before Jay-Z and his wife Beyonce became first-time parents to Blue Ivy Carter.
According to documents filed
with the New York State Department of Labour, the
reason for the mass lay off is listed as "economic".