Unifi Cuts Jobs
Kids Today Staff -- Home Textiles Today, September 3, 2007
Polyester and nylon yarn maker Unifi will trim corporate and manufacturing staff, affecting 25 employees, to reduce costs by about $9.0 million on an annualized basis.
Unifi said severance costs will be about $3.6 million this quarter, including $2.4 million in connection with the termination of former ceo Brian Parke.
"It is imperative that we continue to match our support costs to the size of our current business," said William Lowe, coo and cfo. He added, "We have a balance sheet that supports our strategies and our recent announcement of outsourcing certain raw materials will provide the flexibility to our polyester production facilities, which has been lacking over the past twelve months."
Mednick Talks to HTT about Online Trends for Textiles