Columbia Sportswear (COLM) Cuts Workforce by 4%
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Columbia Sportswear Company (NASDAQ: COLM) today announced a reduction in force that will affect approximately 75, or 4%, of its 1,800 U.S. employees.
Tim Boyle, Columbia's President and CEO, said, "We believe Columbia Sportswear has tremendous long-term growth opportunities. However, our recently announced 11 percent decline in orders for spring 2009 and our expectation that U.S. market conditions will remain challenging through 2009, make it necessary for us to better align our planned spending with those realities. We have approached this decision thoughtfully to ensure that we are able to continue investing in our expanding retail store platform and increased marketing. Although difficult, we believe these actions will ultimately strengthen the company and position us well for when the economy recovers."
Columbia Sportswear Company engages in the design, sourcing, marketing, and distribution of outdoor apparel in the United States and internationally.
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