NEW YORK -- The flagging economy is chilling Coldwater Creek Inc., which will close a distribution center, cut back on store staff and trim salaried positions at its Sandpoint, Idaho headquarters.
Coldwater also reported Thursday the resignation of executive vice president and chief financial officer Donald Robson. Deena Presnell, corporate controller, will temporarily assume Robson's responsibilities.
Including 120 positions in its Sandpoint distribution center, which will be closed by the end of March, approximately 220 positions will be eliminated in the firm's belt tightening. The consolidation will concentrate all of the firm's shipping in its Parkersburg, W.V. facility.
In a statement, chairman and co-founder Dennis Pence said: "The downturn in the national economy has required that we further enhance cost controls and increase efficiencies."
Another 80 positions will be eliminated from Coldwater's national retail store staff. Two clearance outlets will be closed by March 1 and about 20 salaried positions will also be taken out of the firm's headquarters. The multichannel marketer of moderate women's apparel employs more than 1,800 people.
On Dec. 7, the firm warned it was expecting fourth-quarter losses of $1.1 million to $1.5 million, or 10 to 15 cents a diluted share, on sales of $104 million to $114 million.
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)