Tandy Brands Accessories Inc. plans to cut nearly a third of its workforce and streamline its product offerings and facilities as the company continues to battle a financing crisis brought on by a difficult holiday season.
Tandy, which has been out of compliance with the profitability requirements of its $35 million credit facility with Wells Fargo since last month, expects to realize between $6 million and $7 million in annualized expense savings through the job cuts, the closure or reduction of four of its eight leased facilities and the relocation of its gifts distribution function from the current base in Dallas to a third-party provider in California. Less specifically, the firm said it plans to eliminate low-volume products, reduce the amount of risk associated with the problematic gifts business and emphasize licensed and high-volume private label products.
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