Clothing company Chico’s FAS is eliminating 180 positions, and may close up to 25 stores to cope with the economy.
Chico’s, which operates its namesake retail stores, White House | Black Market and Soma Intimates brands, has suffered from weak sales as consumers cut their spending back amid the recession.
The job cuts represent 11% of its workforce at its Fort Meyers, Florida headquarters.
The company also said it may close as many as 25 stores, after it found that it will recognize $7 million to $9 million in charges for under-performing stores in Q4.
The retailer’s same-store sales fell 12.4% in December. In an effort to improve results, the company named Tommy Hilfiger and Land’s End executive David F. Dyer as its new president and CEO.
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June 4th, 2009 at 9:49 pm
[...] January, the retailer eliminated 180 positions, and announced the closure of up to 25 [...]
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