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.
Wal-Mart partners with Army Reserve
BENTONVILLE, Ark. The U.S. Army Reserve and Wal-Mart have signed an agreement that allows both organizations to recruit, train and employ individuals interested in both serving the nation and pursuing a career in the retail industry.
The initiative provides Army Reserve Soldiers opportunities for employment with Wal-Mart after they successfully complete military occupational specialty training (MOS). The Army Reserve and Wal-Mart will work together to recruit, license and offer training reciprocity to qualified Soldier candidates. The agreement commits Wal-Mart to interviewing and considering all qualified, participating Soldiers for employment upon completion of MOS training.
“We are excited and honored to have U.S. Army Reserve Soldiers join our team,” said Lee Scott, president and ceo of Wal-Mart. “Our company has a longstanding commitment to providing employment opportunities in the community. We have also long recognized those who serve in the military, and it is a privilege to assist the troops and their Families with this new initiative.”