Nov 4, 2008
Columbia Sportswear to cut 4 pct of US jobs
Nov 4, 2008
ATLANTA, Nov 4 (Reuters) - Outerwear maker Columbia Sportswear Co said on Tuesday it was cutting 75 jobs, or about 4 percent of its U.S. workforce, in the wake of lower spring orders.
The company, whose brands include Pacific Trail and Sorel, said a recently announced 11 percent fall in orders for spring 2009 and tough market conditions made it necessary to cut back.
In a statement, the company said it planned to keep expanding its retail stores and increase marketing.
Columbia, which had a U.S. workforce of about 1,800 people, has been hit by a decline in consumer spending and fewer orders from retail customers as they scale back inventory.
Last month, the company reported a 7 percent decline in third-quarter earnings, but results were better than expected because of a reduced share count, lower tax rate and expense control.
Columbia Sportswear shares closed up 73 cents or 2 percent at $36.88 on the Nasdaq. (Reporting by Karen Jacobs, with additional reporting by Alexandria Sage in San Francisco, editing by Matthew Lewis)
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