News

Stein Mart Reducing Work Force

BY CSA STAFF

Jacksonville, Fla. Stein Mart Inc. said Friday it is laying off more than 200 employees in an attempt to reduce expense as sales continue to fall.

The retailer reported December sales of $178 million, down 9.3% from the previous December.

In response to falling sales, Stein Mart is laying off 209 workers, including 12 at the corporate office in Jacksonville, suspending matching contributions to employees’ 401(k) accounts and cutting management salaries by 5%.

Most of the layoffs, accounting for 178 jobs, will result from reducing the number of assistant managers in most stores from two to one. Another 31 field and corporate positions are also being eliminated.

As of Jan. 3, Stein Mart operated 278 stores, two fewer than at the same time a year ago.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Are you hiring seasonal employees this year?

View Results

Loading ... Loading ...
News

99 Cents Only posts 3Q sales growth

BY CSA STAFF

COMMERCE, Calif. 99 Cents Only Stores reported that total sales for its fiscal 2009 third quarter increased 8% to $351.1 million from $325 million for the same quarter last year.

The company reported a same-store sales increase of 4.2%.

 

Eric Schiffer, CEO of 99 Cents Only Stores, stated, “We are pleased with our solid third quarter sales performance, which underscores the strength of our business model and ability to attract new customers and achieve strong sales results in a challenging consumer economic environment. The increase in traffic from new and existing shoppers helped lead to an increase in both average ticket and the number of transactions in the third quarter. We believe that a growing number of shoppers are attracted to our deep value proposition and turning to our stores for more of their everyday household needs including many perishable and other consumable items.”

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Are you hiring seasonal employees this year?

View Results

Loading ... Loading ...
News

500 agree to Best Buy buyout

BY CSA STAFF

MINNEAPOLIS About 500 employees at Best Buy’s headquarter’s agreed to take voluntary buyouts, the company reported, representing a 12.5% reduction in work force.

Best Buy said that based on the number of employees who accepted the offer, it expects to recognize in its fiscal fourth quarter a charge of approximately $60 million for this voluntary program.

The program was announced in mid-December as part of Best Buy’s plans to reduce future non-customer facing expenses.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Are you hiring seasonal employees this year?

View Results

Loading ... Loading ...