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USA:Tommy Hilfiger to cut 200 US jobs |
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2005-1-26
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In a cost cutting exercise to save $40 million annually, the US operations of the designer retail company Tommy Hilfiger will close its young men''s jeans division and forego 200 jobs.
This move by Tommy Hilfiger (TOM) was reportedly taken to reposition and streamline its U.S. business leading to better profitability.
The company said the job eliminated represent about 20 percent of its salaried American workforce. A saving of $14 million in divisional and corporate expenses, $12 million in compensation, $8 million in production and agency fees and $6 million in advertising have been envisaged. The actual savings will be read out in March 2006.
Young men''s jeans division is being closed and it now will sell denim through its men''s sportswear division, said the company.
With effected changes, the company expects to record charges of between $10 million and $14 million in fiscal 2005. |
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