Limited Brands to Cut Jobs, Speed Stock Buybacks
Apparel retailer Limited Brands will cut corporate jobs in Columbus and New York to reflect a smaller company that is moving away from apparel sales to concentrate on lingerie and beauty businesses, the company said Friday.
The operator of Victoria's Secret and Bath & Body Works said it will reduce the size of its corporate staff by about 530 jobs, or 10 percent. The reductions will include the elimination of open positions, transfers as part of its plan to sell two-thirds of its stake in Express and reductions of current staff.
The company said the measures would save $100 million a year beginning in the next year. It said it will release the cost of the reductions later this year.
Shares jumped 96 cents, or 3.53 percent, to $28.15 in early trading Friday.