Chico’s Closing 120 Stores by 2017

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Chico’s (CHS) is closing 120 stores by 2017.

chico'sThe women’s clothing chain announced it will do so as part of an organizational realignment that will take place over the next three years. Chico’s is also cutting 240 jobs over that span.

This amounts to approximately 12% of the company’s workforce in its Fort Myers, Fla. headquarters. The move is expected to save the retailer $38 million.

Chico’s reported fourth-quarter adjusted net income of $7.5 million, compared to $5.9 million in 2014.

CHS stock is up 2.7% Thursday afternoon.

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Article printed from InvestorPlace Media, https://investorplace.com/2015/02/chicos-closing-stores-chs-stock/.

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