MOSS ADAMS CAPITAL: Apparel and foowear market monitor highlights notable deals, stock prices and results.
Details on Industry Insight.
I checked in with Quiksilver spokesman Joshua Katz to find out more about the 168 jobs that will be eliminated by Quiksilver in coming months, based on a list published by the state of California.
The Orange County Register published a story about the cuts yesterday.
Josh told me the layoffs are part of Quiksilver's previously communicated plan to consolidate distribution in its Mira Loma facility and exit small-scale T-shirt production.
Quiksilver has had several rounds of job cuts related to the distribution center consolidation, and executives previously told me many employees were offered jobs in Mira Loma which some opted to take, while others did not want to commute.
In a different restructuring, Quiksilver eliminated 200 positions in January. Currently, the company is trying to right-size its operations from one built for growth to one that is the correct size for the current economy. It is also focused on increasing profitablity.
Executives said on the last conference call that the company is looking to save an additional $40 million to $60 million annually beginning in 2010, which includes looking for efficiencies and possible headcount reduction.