Quiksilver to Wipe Out 200 Positions, Cut Expenses

Monday, Jan 26, 2009  |  Updated 4:41 PM PDT
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Quiksilver to Wipe Out 200 Positions, Cut Expenses

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HUNTINGTON BEACH, Calif. --- Huntington Beach-based Quiksilver Inc. announced Monday it will eliminate 200 positions and reduce other expenses in its Americas region in response to the continued decline in the consumer retail environment.

Officials from the outdoor-sports apparel and accessory retailer said the cuts would trim the company's expenses by more than 10 percent, or about $40 million a year. The company also plans to cut salaries among its executive team.

The cuts are in addition to reductions the company made last year, along with cuts in the company's European and Asia Pacific operations.

"Beginning last year, we initiated a process to reduce our corporate overhead and cut spending in each of our regions," said Robert B. McKnight Jr., the company's president, board chairman and chief executive officer. "While these measures improved our overall cost structure by more than $35 million, our commitment to further streamlining the business and the continued decline in the retail environment make additional steps necessary.

"Our spending cuts are across the board, touching each of our internal organizations and systems in the Americas, but have been designed to drive improved efficiency while minimizing the impact to our customers and other business partners," he said. "All levels of our organization are affected by these actions as nearly 20 percent of the employees involved in the reduction hold manager-level titles or higher."

News Release (PDF): Quiksilver, Inc. Takes Steps to Reduce Costs in Americas Region

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