Tween Brands cutting Limited Too, local jobs
Business First of Columbus wrote Tween posts 2Q loss; cutting jobs, converting flagship stores
Tuesday, August 12, 2008
Tween Brands Inc. delivered a one-two-three punch to investors after the market closed Tuesday: A multimillion-dollar second-quarter loss, job cuts at its Central Ohio corporate operations and a major rebranding effort for its flagship chain of stores.
The retailer said it will convert about 560 of its 587 Limited Too stores nationwide to its Justice nameplate, a measure the company expects to drive growth. Justice runs 310 stores nationwide and after the conversion will have more than 900 shops.
The company didn’t disclose the number of jobs that would be affected as a result of the store closings, but it will eliminate 96 positions at its home office and Central Ohio distribution center this year. Those moves will save Tween about $15 million. Nearly 1,000 workers are employed at the company’s home office and shipping complex.
Not good news for the rave_til_dawn household!