Versace is slowly whittling away at its flashy empire. After deciding to close its stores in Japan, the label has announced it will cut 350 jobs by the middle of next year. “Trading conditions in the wake of the global financial crisis have been severe and the company expects to make a loss in 2009,” Versace chief executive officer Gian Giacomo Ferraris said. “No organization can allow a situation like this to continue, especially considering the flat outlook for 2010.” They hope to start making money again in 2011. [WWD]