(Filed Under wholesale Lingerie News). As part of Ann Taylor's restructuring initiatives to reduce cost structure and improve profitability — which was first announced in January 2008 mdash; the retailer is eliminating 160 jobs, primarily at its corporate offices in Manhattan, and is also closing 30 stores.
"Since we began our strategic restructuring program in January 2008, our goal has been to build a more effective and efficient operational foundation that supports future growth and improved profitability over the long term," said Kay Krill, Ann Taylor president and CEO.
Based on this announcement, Ann Taylor now expects to generate ongoing annualized savings of approximately $125 million over the three-year program period ending in fiscal 2010, compared to the $85 to $95 million in savings previously anticipated.
For further information, contact Judith Pirro, director of investor relations, at (212) 541-3300 ext. 3598.
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