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Chico Cuts Costs With Job Reduction

(Filed Under Financial and General Interest News). Chico's FAS Inc., the company that owns Soma Intimates, has cut approximately 180 jobs (11 percent of their workforce) as part of their expense reduction program.

The company expects that they will save approximately $15 million over the next year as a result of the lay-offs. This "increases the company's targeted expense savings goal for 2009 from $25 million to a range of $35 to $40 million".

"Chico's FAS has tremendous potential and bright future, but like the rest of our industry, faces the challenges of one of the toughest environments in recent retailing history," the company's president and chief executive officer, David Dyer, commented.

Chico's FAS Inc. is a retailer that operates 1,076 women's specialty stores throughout the United States, The U.S Virgin Islands, and Puerto Rico under the Chico's, White House/Black Market, and Soma Intimates names. As of January 29, the company operated 70 Soma Intimates front-line stores and one Soma outlet store.

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Published 02-10-2009 by Amanda Torres Price

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