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AnnTaylor to Cut Jobs, Close Stores
Chain Store Age
Thursday, January 31, 2008
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AnnTaylor Stores Corp. on Wednesday said it will close 117 stores and cut 180 jobs in an effort to save money amid a difficult retail environment.
The company plans to save $50 million annually by 2010 with the plan, and save $20 million to $25 million in fiscal 2008.
It will close the stores between 2008 and 2010, including 64 in 2008, and open fewer Ann Taylor and LOFT stores in 2008.
It will also delay a planned new concept until 2009 and focus on off-price factory stores.
The 180 jobs are in the company's headquarters and represent 13% of its corporate staff.
Companies referred to in story:
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