Liz Claiborne to cut 725 U.S. jobs
NEW YORK (Reuters) - Fashion company Liz Claiborne Inc said on Tuesday that it planned to cut 725 jobs, or 8 percent of its U.S. workforce, as it aims to reduce costs in a difficult retail market.
The owner of the Mexx, Lucky Brand, Juicy Couture and Kate Spade labels said it also planned to close a distribution center in Mt. Pocono, Pennsylvania, and suspend merit pay increases for all employees.
The job cuts span all levels of the company, which plans to complete them by the end of the first quarter. Eligible employees will be offered severance packages and outplacement services, the company said.
"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 (expenses)," said Chief Executive William McComb.
(Reporting by Martinne Geller; Editing by Lisa Von Ahn)