Limited Brands to Cut 400 Jobs, Half in Columbus
Slow holiday sales have cut into Limited Brands profits - forcing the company to lay off 400 corporate employees. 230 of the layoffs will occur at the company's Columbus headquarters.
In its fourth quarter, Limited's profits were 113 (M) million dollars less than the same quarter last year. Limited chairman and CEO Les Wexner released a statement,"As the founder and leader, I know that decisions about people are the most difficult ones to make. In the current world economic condition, these are necessary decisions to make in order to keep our company strong and growing. At Limited Brands, we intend to do everything we can to support our associates who are being affected by these changes."
Ann Paulins, who directs Ohio University's School of Human and Consumer Sciences, says Limited Brands' next step likely will be a review stores' performances. She says the company probably has too many stores.