Jones Apparel Group Inc. said that it is pushing ahead with plans to lower its annual costs by $33 million through job cuts, spending reductions and the elimination of unprofitable divisions.
The New York-based company, the parent of shoe designer Nine West Group in White Plains, announced the actions after reporting preliminary earnings that were below expectations. The company estimated that earnings from continuing operations likely dropped to 85 cents to 88 cents a share for fiscal 2008, down from an earlier forecast of at least 93 cents.
The company didn’t provide specifics on the number or location of the job cuts. The company also cut its quarterly dividend to 5 cents a share from 14 cents.
The Linens â€˜n Things store in Port Chester is among 57 underperforming stores the struggling retailer will close as part of its reorganization, Linens Holding Co. said yesterday.
The number of stores slated for closure is 30 less than the 87 theÂ Clifton, N.J.-based retailer previously disclosed as part of its ongoing restructuring, it said.
The company filed for Chapter 11 bankruptcy protection in May.
â€œThe reduced number of store closings is the result of improvements in the outlook for these stores throughout the remainder of 2008 into 2009,â€ Michael F. Gries, chief restructuring officer and interim chief executive, said in a written statement.
In the Lower Hudson Valley, the company also operates stores in New Rochelle and Brewster.
The fate of the workers at the Port Chester store wasn’t immediately known.