By  on January 20, 2009

Tandy Brands Accessories Inc. said Tuesday that it will cut about 17 percent of its salaried work force as part of a company restructuring plan.

The reorganization is designed to reduce operating expenses, increase flexibility and focus product development, the company said.

“We are in an extremely challenging retail environment and it is imperative to have an agile corporate structure that can respond to meet today’s market realities,” said president and chief executive officer Rod McGeachy.

Tandy said it would eliminate the president positions at both its men’s and women’s division, discontinue underperforming brands and streamline its sales structure, amongst other changes.

The moves could potentially result in $3 million of annualized savings, the company said.

For complete coverage, see Wednesday’s issue of WWD.

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