ROTH CAPITAL PARTNERS: Hosting 27th Growth Stock Conference March 8-11 in Dana Point, Calif.
Details on Industry Insight.
Columbia Sportswear said today it will layoff 4 percent of its workforce, or 75 employees. The company blamed slow spring orders and a tough economy.
Here is the release:
PORTLAND, OR--(MARKET WIRE)--Nov 4, 2008 -- Columbia Sportswear Company (NasdaqGS:COLM - News), a global leader in the active outdoor apparel and footwear industries, today announced a reduction in force that will affect approximately 75, or 4 percent, of its 1,800 U.S. employees.
Tim Boyle, Columbia's president and chief executive officer, commented, "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."