Charming Shoppes to cut jobs; take Q4 charge
today Jan 15, 2009
Jan 15 (Reuters) - Charming Shoppes Inc, a retailer of women's plus-size apparel, said it will slash about 225 jobs as part of its cost-cutting efforts.
The retailer, which will incur a related charge of about $2 million in the fourth quarter of fiscal 2009, expects the move to result in pretax annualized cost savings of about $12 million for fiscal 2010.
Charming Shoppes, whose brands include Lane Bryant, Fashion Bug and Catherines, also said it has renewed its Master Trust Series $105.0 million credit receivables conduit facility through Jan. 14, 2010.
The company, whose consolidated comparable store sales fell 14 percent during the holiday period, expects to end the fiscal year with cash balances of about $80 million to $85 million.
It does not see any borrowings from a $375 million revolving credit facility through the end of fiscal 2009.
The retailer's shares closed at $1.49 Thursday on Nasdaq. (Reporting by Dhanya Skariachan in Bangalore; Editing by Anthony Kurian)
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