US: Christopher & Banks cuts 24 jobs
Women's clothing retailer Christopher & Banks is to axe 24 jobs at its corporate headquarters as part of a cost saving plan.
The cuts, which impact around 11% of its headquarters staff, also include reductions in store payroll costs, professional services, independent contractors and travel.
The company says the moves are in response to the current economic and business environment - and should save more than US$15m in fiscal 2010.
Also as part of the plan, there will be no merit salary increases at the firm.
The workforce reduction is expected to result in a $325,000 fourth quarter charge.
Lorna Nagler, president and CEO, said: "These actions will enable us to streamline our operating structure while also enabling us to emerge from this difficult period positioned for growth and improved earnings."
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