(Filed Under Fashion News). Frederick's of Hollywood plans to open three new stores, remodel one, and close two in 2009. This is significant retrenchment. Last year it announced plans to open, relocate, and/or remodel 50 stores over the following three years. In their December 2009 first quarter results report, the company cited "uncertain economic conditions and our poor operation performance in fiscal year 2008" among reasons for the reversal.
The company also plans to integrate its retail and wholesale divisions, and further reduce catalog circulation by 3 percent in 2009. Catalog expenditures were approximately $20.4 million in fiscal year 2007, and $18.7 million in 2008. Frederick's said it will continue to focus on Internet marketing. The company has also been "transitioning manufacturing support functions" to their facility in the Philippines, and reducing staff size and outside consultants, as well as "consolidating employee benefits."
Based in Hollywood, California, Frederick's of Hollywood is a public lingerie apparel company with 134 retail stores nationwide and a wholesale division. In January 2008, Frederick's, the store chain, completed a merger with what was formerly Movie Star.see more
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