Local effect of Coldwater Creek restructuring unknown
MINERAL WELLS – It is not known yet if cutbacks and layoffs announced by Coldwater Creek corporate leadership will have any impact on operations in Mineral Wells.
Coldwater Creek Inc. recently announced a restructuring and cost-reduction program that is expected to generate $20 million to $25 million in pre-tax savings in fiscal 2014, according to a press release issued by the company.
The program is designed to improve the financial and competitive position of the company by streamlining the organization, reducing expenses and positioning the company for enhanced efficiency and profitability.
”As part of this restructuring initiative, the company has reduced its full-time corporate workforce expense by approximately 20 percent,” the release stated.
“The decision to downsize our workforce, in conjunction with our other cost reduction initiatives, was a very difficult one. However, we believe that it is a necessary step for the long-term success of the company as we strive to right-size our infrastructure to adapt to changes in our business,” said Jill Dean, president and chief executive officer of Coldwater Creek. “We appreciate the many contributions of all our employees, and we will provide support to those affected during this transition period.”
It is not known if any of those cuts are scheduled for the Mineral Wells facility at 601 Coldwater Creek Drive. The local center handles distribution to the Coldwater Creek stores as well as online sales.