|From: Road_Agent (Rep: 366)||Date: 02/19/2016 08:22|
|Forum: bebe stores - Msg #216||Thread #673818452 (Rec: 0) |
|7:01 am bebe stores announces organizational restructuring; Manny Mashouf rejoins management team as CEO and Walter Parks rejoins as President COO and Interim-CFO|
bebe further announced that it has instituted a workforce reduction that will result in the elimination of a total of ~45 positions across the design, merchandising, production, information technology and support functions of the Company. This represents ~a 14.6% reduction in corporate headcount. As part of the reduction, co is streamlining its design and merchandising teams, while reducing support functions in recognition of the rationalization of the store base.
As a result of this restructuring, co expects to incur a one-time severance charge of ~$3.7 million in the third fiscal quarter of 2016. These reductions are expected to yield annualized pre-tax cost savings of $6.0 million.
29% short here. News should provide for a move today.
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