(Filed Under Fashion News). Charming Shoppes, Inc., the company that operates retailer Lane Bryant, Lane Bryant Outlet, Fashion Bug, Catherines Plus Size and more, has announced further reductions in its workforce in support of the company’s restructuring plan and expense initiatives.
Approximately 225 positions will be eliminated. The positions represent “associate separations, as well as the elimination of open positions at the company’s corporate support and brand headquarters offices.
“As difficult as these actions are, they are necessary for us to right-size our cost structure during this environment of declining revenues,” said Alan Rosskamm, chairman of the board and interim chief executive officer of Charming Shoppes, Inc. “These actions are being taken in order to streamline the business operations and are consistent with other actions we have taken over the last several months.”
Charming Shoppes estimates that once the positions have been eliminated, it will result in a pretax annualized cost savings of approximately $12 million for the fiscal year ending January 30, 2010.
With the restructuring plan, which was announced on November 25, 2008, the company expects to achieve net cost reductions of approximately $100 to $125 million over the next two fiscal years, with approximately $75 million expected to be realized in fiscal 2010.see more
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