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Chico's Cuts Jobs, May Close 25 Stores

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Clothing company Chico's FAS said Thursday it is eliminating 180 positions and may close up to 25 stores to cope with the economy's toll on retailers.

Chico's, which operates its namesake retail stores, White HouseBlack Market and Soma Intimates brands, has suffered from weak sales as consumers cut their spending back amid the recession.

The job cuts represent roughly 11 percent of its workforce at its Fort Meyers, Fla. headquarters. The move is expected to save the company $15 million over the next year.

"Chico's FAS has tremendous potential and a bright future, but like the rest of our industry, faces the challenges of one of the toughest economic environments in recent retailing history," President and Chief Executive David Dyer said in a statement. "Accordingly, it is more critical than ever for us to operate as efficiently as possible."

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The announcements so far:

Bankruptcies and Liquidations:

Potential Bankruptcies & Liquidation Impact: 999 stores

Announced Closings

Total Closings: up to 659 U.S. stores

Potential Impact of All Announcements to Date: up to 1,658 U.S. stores

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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