CINCINNATI -- The U.S. Shoe Corp. said it will cut 700 jobs as part of a sweeping consolidation designed to save $25 million in expenses in fiscal 1994.
The reorganization will also result in an after-tax charge of $14.5 million, or 22 cents, for the fourth quarter ending Jan. 31. In the year-ago fourth quarter, U.S. Shoe had a profit of $832,000, or 2 cents a share.
The moves involve reducing management in all three of the company's divisions: women's apparel, footwear and optical. In the firm's women's division, one manager will replace several store managers in each mall where U.S. Shoe operates stores. The company has six chains within its women's apparel division. Casual Corner, offering ready-to-wear and classic sportswear, and Petite Sophisticate, which sells career apparel for women sizes 0 to 12, account for 80 percent of the women's division's sales.
Last year, apparel sales comprised 47.6 percent of U.S. Shoe's total volume.
Over the next 12 months, U.S. Shoe's work force of over 40,000 employees will be reduced by about 2 percent, according to the firm.
Alberta Ferretti's "Rainbow Week" sweaters are back. The designer closed her #MFW show with a few day-of-the-week sweaters, which first debuted on the catwalk last January as part of the pre-fall 2017 collection. #wwdfashion (📷: @delphineachard)