Quiksilver (ZQK) Cutting 200 Jobs
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Quiksilver, Inc. (NYSE: ZQK) today announced that it is taking additional steps to reduce expenses in its Americas region as part of an overall restructuring effort to reposition its business and in response to the continued decline in the consumer retail environment.
The cost saving measures are expected to reduce expenses in the Americas region by more than 10%, or approximately $40 million annually, and will impact nearly all functional areas. The company will eliminate 200 positions as part of the plan, including a reduction-in-force of approximately 150 employees which is expected to account for roughly one-third of the annual cost reductions. Quiksilver expects to record a charge of approximately $5 million in its first fiscal quarter as a result of these actions.
These cost reduction measures are in addition to expense reductions made by the company in 2008 and other actions already taken in the company's European and Asia Pacific regional businesses.
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