Tuesday, fashion accessories company Tandy Brands Accessories Inc. (TBAC) announced a few restructuring plans, which include a 17% cutback in salaried employees, elimination of president posts in two divisions, discontinuation of non-performing brands, and focus on key products.
The company said in the challenging retail environment, it is important to have an agile corporate structure that could respond to meet present market realities. Tandy also said the organizational restructuring plan was established to stabilize its platform to position for a profitable growth in the future, and it would also save $3 million annually.
The organizational restructuring plan comprises of a 17% cut down in salaried employee headcount, and slashing of Men's Division and Women's Division president positions. Appointment of new senior executives with capability-based advantages, is a part of the plan.
The company also mentioned that it would focus on key products such as belts, small leather goods and gifts, streamline the sales structure, discontinue businesses and brands that do not meet the long-term strategic or financial performance objectives of the company.
Notably, the company estimates pre-tax charges related to the restructuring plan to be in the range of $550 thousand to $650 thousand, with the majority expected to be taken in the third fiscal quarter ending March 31.
TBAC ended Friday's regular trading at $1.89 on the Nasdaq.
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