 |
 |
|
SAVE | EMAIL | PRINT | MOST POPULAR |  RSS | REPRINTS
Lord & Taylor Receives Money from Parent Company, Cuts Jobs
January 21, 2009
NRDC Equity Partners, which purchased department store retailer Lord & Taylor in 2006, has invested $70 million into its Canadian retail operations and $60 million into Lord & Taylor. The company said that after the pay down of L&T’s existing debt and a re-locking of the interest rate, L&T will save $70 million in interest payments going forward. On Friday. 170 people were let go at Lord & Taylor, in addition to the store’s 120 layoffs last October. Combined, the 290 positions represent about 3.5 percent of the chain’s total workforce of 9,000. The job cuts come on the heels of two other luxury brands announcing layoffs last week, including Neiman Marcus, which announced 375 job cuts, and Saks Fifth Avenue, which cut 1,100 jobs at stores and headquarters.
SAVE | EMAIL | PRINT | MOST POPULAR | RSS | REPRINTS
|
|
|
|
|
|
|
DDI visited the new JCPenney department store at Manhattan Mall in New York and spoke with store manager Joe Cardamone.Click here for a video of that conversation paired with a walk-through tour of the new store. For more on the JCPenney store, look out for DDI's November/December issue mailing out at the end of November.
|
|
|
|
|
