Ann Taylor Expands Strategic Restructuring Program

New York City AnnTaylor Stores Corp. will cut more jobs and take other steps to reduce costs amid a struggling economy.

The news came during an announcement that the company planned to take additional actions designed to further reduce the company's cost structure and enhance its operational efficiency.

These actions, which include an organizational streamlining, build upon the company's multi-year strategic restructuring program first announced in January 2008, which includes closing 117 stores and cutting up to 13% of headquarters staff.

AnnTaylor did not say how many additional jobs would be cut.

The company also said it did not repurchase shares in the third quarter and plans to continue a conservative approach on share repurchases.

The company said it now expects restructuring costs of $65 million to $70 million over the three years of the plan, compared with its original forecast of $40 million to $45 million. It also forecast $80 million to $90 million in annualized savings over three years, compared with the original forecast of $50 million.

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