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Reuters
Published
Jan 20, 2009
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Tandy Brands to cut 17 pct jobs; realign ops

By
Reuters
Published
Jan 20, 2009

Jan 20 (Reuters) - Tandy Brands Accessories will slash about 17 percent of its salaried headcount as part of its cost-cutting efforts and realign its operations to focus on key products such as belts, small leather goods and gifts.


www.tandybrands.com

The leather products maker, which eliminated the positions of the presidents of the men's and women's divisions, said it expects related pretax charges of about $550,000 to $650,000, most of which will be taken in the third quarter.

Tandy Brands, which designs and markets fashion accessories for men, women and children, also plans to streamline its sales structure and discontinue underperforming businesses and brands.

The Arlington, Texas-based company, whose brands include Amity, Rolfs, Prince Gardner, and Princess Gardner, expects more than $3 million in potential annualized savings through the restructuring.

Tandy Brands shares closed at $1.89 Friday on Nasdaq. (Reporting by Dhanya Skariachan in Bangalore; Editing by Amitha Rajan)

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