Coldwater Creek Inc. will implement cost-control measures, including staff reductions, in response to its previously announced slowdown in full-price spring merchandise sales.
"The downturn in consumer spending has caused us to revise our expectations downward for the near term," said Georgia Shonk-Simmons, Coldwater Creek CEO. "Following our robust sales performance over the past 12 months, we entered the important January-February spring selling season with the anticipation of continued strong sales activity, and staffed our call centers and distribution centers accordingly. Quite simply, those early spring sales did not happen this year."
The company will cut its staff by 160, leaving 1,930 employees. Shonk-Simmons said the company's brand-building strategy for opening retail stores across the country will not be affected, explaining that Coldwater Creek remains on schedule to roll out its previously announced 10 to 15 new store locations during fiscal 2001.
Back...
