Feb '09
The Company has, or is in the process of implementing, a number of selling, general and administrative cost reduction measures which are anticipated to result in more than $15 million of savings in fiscal 2010, which commences March 1, as compared to fiscal 2009. These cost saving initiatives include considerable year-over-year reductions in store payroll costs, professional services, independent contractors and travel. Also as part of the plan, there will be no merit salary increases and the Company is suspending its discretionary match contributions to the 401(k) plan.
The workforce reduction will impact twenty-four employees representing approximately 11% of the corporate headquarters employees. The Company will offer assistance to employees affected by the workforce reduction in the form of severance and outplacement services. As a result of the workforce reduction, the Company expects to record a charge of approximately $325,000 in the fourth quarter of fiscal 2009. The Company also believes that the annualized benefit resulting from the workforce reduction will greatly exceed this charge.
Lorna Nagler, President and Chief Executive Officer, said, “We have taken a number of actions to adjust our cost structure in order to strengthen our position in the current economic environment. This resulted in some difficult decisions with respect to reducing our current workforce. These actions will enable us to streamline our operating structure while also enabling us to emerge from this difficult period positioned for growth and improved earnings. As we move into fiscal 2010, we will continue to very carefully manage expenses and inventories, as well as preserve our cash.”
Christopher & Banks Corporation
.gif)
Must ReadView All
Textiles | On 20th Sep 2017
India needs to double cotton farmers’ income: top official
India needs to double the income of cotton farmers and non-farmers...
Textiles | On 20th Sep 2017
Pakistan seeks more JVs with China: textile minister
The Pakistani Government wants to forge more joint ventures (JVs)...
Apparel/Garments | On 20th Sep 2017
Egypt’s garment exports touch $941 million in 8 months
Egypt's garment exports touched $941 million in the first eight...
Interviews View All
Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd
Productivity, creativity and innovation play a vital role in the growth of ...
Binoy Ravjani
Hero's Fashion
‘One of the recent trends in hand block printing is the indigo process,...
Top executives
Textile industry
The foremost issue is bridging the skill gap
Ashok Desai
Bombay Textile Research Association
Bombay Textile Research Association (BTRA) is a leading name in textile...
Kai Poehler
Voith Paper GmbH & Co. KG
The glass mat industry is growing by five to eight per cent annually. Kai...
Marten Alkhagen
Swerea IVF AB
Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...
Aditi Somani
Aditi Somani
Aditi Somani specialises in luxury fusion wear with international cuts and ...
Bani Batra’s couture wedding collection is inspired by traditional Indian...
Divvya and Nidhhi Gambhir
Walnut
<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...
Recommended
news category
Related Categories:
Do you think the sustainability space has the needed tools and resources available for a business to lead change?
Yes No SkipActive Poll
Do you see sustainability as a route to business growth?
YesTotal Votes: 47
Do you think adopting a sustainable approach will be a profitable move for your business?
Yes No SkipActive Poll
Do you think the sustainability space has the needed tools and resources available for a business to lead change?
YesTotal Votes: 47
Do you want the world to know about your sustainability journey and your business’ environmental footprint?
Yes No SkipActive Poll
Do you think adopting a sustainable approach will be a profitable move for your business?
YesTotal Votes: 47
Thanks for your valuable feedback. Claim your free latest sustainability e-book.
Active Poll
Do you want the world to know about your sustainability journey and your business’ environmental footprint?
YesTotal Votes: 47
E-News Insight
Latest News Update in Your Mail Box.
