Unifi cuts jobs in further restructuring
August 22, 2007,
Greensboro, N.C. – Polyester and nylon yarn producer Unifi said it will trim corporate staff and manufacturing support, affecting 25 employees, to reduce costs by about $9.0 million on an annualized basis.
The company said the severance expense will run to about $3.6 million this quarter, which will include severance of $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, Unifi 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 12 months.”
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