Brown Shoe Company, Inc. has announced that it will introduce a number of cost-saving initiatives as a result of the current economic climate.

Its new initiatives, which are expected to yield annual savings in the range of $28-$31 million, will include changes in compensation structure, rationalisation of operating expenses and workforce reduction. The company has also reduced its planned capital expenditures for the 2008 to 2011 period by an additional $35 million, bringing total planned capital expenditure reductions to $107 million for this period.

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