USA: Nautica Moves Earl Jean HQ To New York
The company said in a statement the transfer will trim overheads as it consolidates its customer service and distribution functions into an existing facility in Virginia and also boost its presence in the fashion world.
It added the relocation would add about $1 million, or two cents per share, to earnings starting in fiscal 2005 with any benefit in 2004 offset by unspecified one-time costs associated with the shutdown of operations in Los Angeles. The firm is currently assessing how many positions will be moved to the new facility.
Nautica chairman and CEO, Harvey Sanders, said: "This was definitely a difficult decision to make because of the impact on Earl Jean's employees, but we believe this consolidation is necessary as it will enable greater growth potential for the brand over the long-term.
"We appreciate the valuable contributions that the Earl Jean employees have shown since becoming part of Nautica Enterprises Inc and we are committed to providing them assistance during this time."
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