It’s a tough week for retail. Williams-Sonoma announced Wednesday it was cutting 18% of its workforce, which translates to about 1,400 employees. Company execs say they hope the move will reduce costs by $75 million in 2009. But the home company is not alone; several clothing retailers announced major job and price cuts yesterday.
LA Times: Women’s retailer Charlotte Russe Holding Inc. said it was considering a sale of the company.
Phillips-Van Heusen Corp., which owns several clothing brands including Calvin Klein, said it would close about 175 stores and eliminate 400 positions…
Other cost cutting measures? Price drops.
Also on Wednesday, Coach executives announced plans to lower prices as much as 15% on handbags and other accessories.
Mike Tucci, president of North American retail, told analysts during a conference call that the company would also bring more of its handbag prices into the “sweet spot below $300.”
Time will tell whether “below $300” will be enough of a price drop for consumers.
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