Liz Claiborne Cuts 725 Jobs
Another major US retailer is resorting to layoffs to address the dire economic market, with the latest round of job cuts implemented at Liz Claiborne. 725 employees, or 8% of its total work force, will be eliminated by the end of the first quarter in an effort to cut costs and survive the current retail slump.
The job cuts will occur at all levels and are set to be finished by the end of the first quarter.
"The challenging retail and economic environment requires us to remain more focused than ever on cost rationalization and act decisively to manage the relationship between our revenue and our (selling, general and administrative expenses)," Chief Executive William L. McComb said in a statement.
The Claiborne announcement comes just days after Macy's announced the layoffs of 7,000 staff.