Express (Columbus) said it plans to cut 150 jobs as part of a plan to reduce expenses, The Columbus Dispatch reports.
The struggling apparel retailer said it will take a charge of about $5 million and that the cuts will be completed this fall. The company did not detail the number or location of the impacted jobs in its news release on its actions.
The job cuts are part of several moves in which the company has set a goal of cutting costs by $150 million by 2025 compared with 2022.
“We are conducting a comprehensive review of our business model to identify actions that we believe will meaningfully reduce pre-tax costs and enable a more efficient and effective organization,” Express CEO Tim Baxter said in the release.
Shares of the retailer, whose portfolio includes Express, Bonobos and UpWest, closed at 73 cents on Aug. 17.
In a related matter, the retailer also said it will do a 1-for-20 reverse stock split on Aug. 30. That action is expected to let the retailer regain compliance with the minimum-price criteria needed to keep its shares listed on the New York Stock Exchange.