US: Warnaco to cut 7% of corporate workforce
US apparel maker Warnaco Group is to cut 7% of its corporate staff in a bid to adapt to the difficult economic climate.
In total, the streamlining will result in 45 positions being lost, the company confirmed.
"We need to allign our costs to today's economic climate," a Warnaco spokesperson told just-style.
The company, which owns or licenses brands including Speedo, Clavin Klein and Warner's, has also cited a US$40m reduction in Selling, General & Administrative Expense (SG&A) next year.
Speaking in a conference call to investors yesterday, Warnaco CEO Joe Gromek confirmed the reductions, and said: "We are taking immediate actions to respond to the macroeconomic environment.
"We will continue to control the things we can control, and we will align our costs to reflect the current economic conditions."
On 7 November Warncaco reported that its profit soared to $26.5m for the third quarter, from $4.4m in the prior year period.
Net revenues for the third quarter rose 16% to $548.7m and gross margin increased 520 basis points to 47% of net revenues.
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