Layoffs are flying at The Limited HQ - stores are closing!!!

Thread regarding The Limited

Layoffs are flying at The Limited HQ - stores are closing!!!

See the news on New Albany HQ job cuts and store closings.

http://radio.wosu.org/post/layoffs-begin-limited-considers-closing-new-albany-headquarters

250 folks to be laid off in the HQ but no info on what stores are closing. Sun Capital is wielding the axe - it'll be a tough year.

Per Lee Peterson:

I think it's a pretty dire situation and they're talking about closing headquarters, which eventually would mean closing stores. I mean, if you don't have the support system for the stores then obviously stores are going to close too. So they've talked about closing the headquarters and I think that that's probably about as bad as it can get.

Lee Peterson is a former Limited executive.

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In a letter to the employees this week, the privately held company said its results for the most recent quarter were disappointing.

"As you know, product misses and massive shifts in retail shopping trends have been especially difficult for the company's business, and the company is dealing with significant debt obligations," wrote Larry Fultz, an executive vice president and chief operating officer.

"We have now determined that the combination of sales misses and the level of existing financial obligations will require that the company be sold or we will have to wind down our operations due to an anticipated lack of operating capital."
The company said it is considering bids from potential buyers, and it is hopeful that a buyer would continue the company's operations, but there are no assurances that will happen. Employees were told that layoffs could have started as soon as Friday or within two weeks.

"It is anticipated that such layoffs would be permanent and, depending upon the circumstances, could affect our entire operations in New Albany," Fultz wrote.

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