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 namesakestores, 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."
The announcements so far:
Bankruptcies and Liquidations:
Potential Bankruptcies & Liquidation Impact: 999 stores
Total Closings: up to 659 U.S. stores
Potential Impact of All Announcements to Date: up to 1,658 U.S. stores