US: Warnaco to review European operations
Warnaco today (9 July) announced that it is conducting a comprehensive review of its European business, with the aim of "better positioning the company for future growth and improved profitability."
The sportswear, swimwear and underwear company said the action is being undertaken in light of challenging macroeconomic conditions in Europe, and the recently announced transition out of its European CK bridge apparel and accessories businesses.
Warnaco expects the review to lead to a restructuring of the division, as well as identify considerable cost savings, operating efficiencies, and over time, result in improved profitability.
"Our Calvin Klein Jeans and Calvin Klein Underwear businesses are powerful and continue to resonate with European consumers," said president and CEO Helen McCluskey.
"We expect these actions will enable the company to better execute against our strategic plans. We will provide an update on our European performance and the status of the review process on our second quarter investor call."
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