|
Ward lays off thousands
|
 |
October 10, 1997: 4:49 p.m. ET
Bankrupt retailer slashes 3,800 jobs, closes 48 stores in restructuring
|
NEW YORK (CNNfn) - Montgomery Ward & Co., the largest U.S. privately owned retailer which has been in bankruptcy protection since July, said on Friday it will need to eliminate 3,800 jobs and close 48 stores as part of its restructuring plans.
The announcement -- coming on the same day that Westinghouse Electric Co. announced layoffs of 2,000 workers -- is in addition to the approximately 3,900 employees affected by the closing of 44 Lechmere and Electric Avenue & More specialty stores announced on July 31.
The company "suffered from having a number of outdated and otherwise underperforming locations and as such we have moved quickly to identify these stores and take the appropriate action," Roger Goddu, chairman and chief executive, said in a statement.
The Chicago-based retailer it identified 48 store locations dispersed throughout the national chain. The closure will includes an exit from Orlando, Fla., and Albany, N.Y., and will leave the company with 294 full line department stores.
The 3,800 job cuts will affect full- and part-time associates. Montgomery Ward will offer reassignments to as many associates as possible in addition to outplacement assistance.
The store closings are subject to court approval and are expected to be substantially completed by the end of the year.
|
|
|
|
|
|
Montgomery Ward
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
