New York manufacturer Jones Apparel makes job cuts
The firm said it also plans to convert 20 of its 47 Enzo Angiolini shoe stores into lower-priced Bandolino outlets, after Enzo Agiolini failed to achieve its investment target return.
Jones said it will record a fourth-quarter charge of $25.5 million, or 11 cents per share. The organisation has backed its previous earnings guidance of 48 cents to 50 cents per share.
Company president and CEO Peter Boneparth said that the cuts made prepared the ground for the next stage of the company’s development, which would be focused on expansion through internal growth and acquisitions.
