NEW YORK — Unifi Inc. said Wednesday that it plans to lay off about 400 people in an effort to cut costs. The company started notifying some workers last week and plans to complete the cuts by Friday.
This story first appeared in the April 17, 2003 issue of WWD. Subscribe Today.
The Greensboro, N.C.-based fiber and yarn company also revealed that it has eliminated around 200 positions through attrition in various departments since the start of the year. All told, the cuts will reduce its workforce by about 15 percent, to 3,470.
The company said it expects the cuts to lower its total payroll by about $20 million. They will result in an $11 million charge in the coming year.
In a statement, Unifi chief executive officer Brian Parke said: “Reduced domestic sales stemming from [the] prolonged soft economy, coupled with increased imports from Asia, have required us to reassess every aspect of our business.”
Among other things, the company is eliminating half of its previous eight categories of manager. Unifi said all of its North American facilities, including headquarters, will be affected by the cuts. For the six months ended Dec. 29, Unifi posted net income of $2.2 million on sales of $423.4 million.