Timberland to close more than 40 stores
26/09/2007
US-based designer of footwear, apparel and accessories The Timberland Company is to restructure in the hope of improving efficiency. As a result, it will close approximately 40 of its larger specialty retail stores in the
The majority of the closures will take place at the start of 2008. As a result, the company expects to increase annual operating profits by approximately $6 million, while annual revenues are likely to fall by around $40 million.
Its third-quarter and full-year outlook has also been updated to reflect the impact of challenging market conditions and costs associated with a voluntary recall of certain Timberland Pro Direct Attach Steel Toe Series products.
For the full year, it now anticipates revenue declines of approximately 5% and for the third quarter it predicts revenue declines in the low teen range. However, fourth quarter performance is expected to bring about relatively flat revenues.
Share this story:
