Apparel maker Warnaco Group Inc has announced plans to close its remaining Speedo stores and increase manufacturing outsourcing as part of new restructuring measures.

The company, which emerged from bankruptcy protection in February, has also agreed to sell its White Stag trademark to Wal-Mart Stores Inc.

It foresees that these moves will reduce inventory by more than $20 million and lead to gross margin improvements, in turn producing a saving of more than $5m a year.

Despite the closure of 44 Speedo retail stores, however, Warnaco will continue to operate an online retail arm for the brand.

Currently, Speedo retail stores account for less than five per cent of the company's overall swimwear sales.

It is likely that some outlets will be converted into Calvin Klein underwear stores.