Phillips-Van Heusen Corp., which owns the Calvin Klein, Izod and Van Heusen clothing brands, said Wednesday it will close 175 stores and lay off 400 employees due to the recession.
About 250 of the layoffs will come from the company's salaried division, reducing that unit's work force by about 10 percent. The remaining 150 layoffs will come from the neckwear manufacturing division.
The company will also stop domestic production of machine-made neckwear, reduce its warehouse capacity and cut travel, marketing and administrative expenses.
Bankruptcies and Liquidations:
- Jan. 7, Goody's liquidates, closing 287 stores
- Jan. 8, Against All Odds files for bankruptcy protection, operates 64 stores overall, plans to close West Coast stores
- Jan. 13, Shane Co. files for bankruptcy, operates 23 stores
- Jan. 14, Gottschalks files for bankruptcy, operates 58 stores
- Jan. 16, Circuit City to Liquidate, closing 567 stores
Potential Bankruptcies & Liquidation Impact: 999 stores
- Jan. 8, New York & Co., 50 stores
- Jan. 8, Macy's, 11 stores
- Jan. 9, Supervalu, 50 stores
- Jan. 13, Cost Plus, 26 stores
- Jan. 21, Filene's Basement, 11 stores
- Jan. 22, Phillips-Van Heusen, 175 stores,
Total Closings: 323 stores
Potential Impact of All Announcements to Date: 1,322 stores