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.
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