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Destination Maternity announces corporate restructuring

03
Nov '18
Courtesy: Destination Maternity
Courtesy: Destination Maternity
Destination Maternity Corporation, the world's largest designer and retailer of maternity apparel, has announced restructuring of the company's corporate product and sourcing teams as part of its efforts to reduce costs. The restructuring is part of the initial stages of the company's strategic plan focused on improving long-term growth and profitability.
 
The restructuring efforts, marked by ongoing rationalisation of the company's overall product mix and improvements in inventory efficiency, are expected to yield net cost savings of approx $1.2-1.4 million in fiscal 2019 and will result in a one-time severance charge of approximately $0.5 million during the third quarter of 2018, says a press release from Destination Maternity.
 
"Recognising the need to focus our product assortment, rationalise costs and improve inventory efficiency, we completed an in-depth review of our product offer, overall inventory levels and distribution channels. Through this effort, we identified profitable solutions to improve our product mix and reduce inventory as we begin 2019. We also made the difficult decision to reduce headcount in our product and sourcing divisions to better rationalise resources and costs across the organisation," said Marla Ryan, CEO of Destination Maternity.
 
"While these actions are never easy, the changes we are implementing will enable us to become a leaner and more nimble organisation. They will also allow us to reallocate more of our resources on becoming a digital flagship serving the needs of today's millennial moms and moms2be. While there is certainly more work ahead of us, I am encouraged by what we have achieved to date and the opportunities ahead," she added. (PC)

Fibre2Fashion News Desk – India


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