Home / Knowledge / News / Apparel/Garments / Christopher & Banks cost saving plan begins with lay-offs
Christopher & Banks cost saving plan begins with lay-offs
24
Feb '09
Christopher & Banks Corporation announced that in response to the current economic and business environment it has implemented a cost saving plan for fiscal 2010 which includes a workforce reduction effective immediately.

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


Must ReadView All

Europe fights against microplastic release from textiles

Textiles | On 18th Jan 2018

Europe fights against microplastic release from textiles

The European Commission, the institution of the European Union, has...

Egypt starts building biggest textile city in Al-Sadat

Textiles | On 18th Jan 2018

Egypt starts building biggest textile city in Al-Sadat

Egypt has started construction of the biggest city for textiles and...

Vietnam targets $20 bn from export of footwear, bags

Apparel/Garments | On 18th Jan 2018

Vietnam targets $20 bn from export of footwear, bags

Vietnam targets to earn around $20 billion from the export of...

Interviews View All

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

January 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

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?

Yes
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search