US: Tandy Brands slashes 17% of workforce
Tandy Brands Accessories is to cut its number of employees by 17% as part of a company-wide restructuring to reduce costs by around US$3m a year.
As part of the changes it will let the president of its men's division and president of its women's division go.
It will also focus on key product categories, such as belts, small leather goods and gifts, bringing in new senior executives and streamlining the company's sales structure.
Tandy will also discontinue businesses and brands it said "do not meet the long-term strategic or financial performance objectives of the company".
"We are in an extremely challenging retail environment and it is imperative to have an agile corporate structure that can respond to meet today's market realities," said Rod McGeachy, president and chief executive officer.
"The organisational restructuring plan announced today is the first step in stabilising our platform to position us for profitable growth in the future."
Pre-tax charges are expected to be in the range of $550,000 to $650,000, with the majority taken in the third quarter ending 31 March.
Help test our new apparel sourcing tool.
Phoenix Footwear Group has announced that its wholly-owned subsidiary Chambers Belt Company has closed its asset sale to Tandy Brands Accessories....
Phoenix Footwear Group has widened its first quarter loss to US$2.96m from $280,000 last time, after being hit by $1.0m in severance charges....
Phoenix Footwear is to sell assets of its private label accessories business Chambers to Tandy Brands Accessories....
- Li & Fung eyes speed, innovation & digitalisation
- Digitalisation and data to disrupt supply chains
- 3D CAD comes of age
- EU eyes mandatory due diligence for apparel supply
- Unlocks for the future fashion sourcing landscape
- Li & Fung forms supply chain partnership with PVH
- Big data to help US firms improve clothing fit
- Labour rights risk Bangladesh EU trade benefits?
- Apparel group Sae-A opens second school in Haiti
- US Q4 in brief – G-III Apparel, Finish Line
- Central and East Europe Report Package
- Central America strategic sourcing review - a focus on Guatemala, El Salvador and Honduras
- Outdoor performance apparel 2016: A broader perspective
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- REPORT BUNDLE: Africa-Med, Southeast Asia and Central America strategic sourcing pack