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NEW YORK, N.Y. - Aeropostale says it will cut jobs and close stores as part of the clothing retailer's efforts to turn its business around.
The company said Wednesday that it will close 125 of its mall-based "P.S. from Aeropostale" stores by the end of its current fiscal year. It says changing consumer habits led to its decision to shutter the kids' clothing stores in malls.
Aeropostale says that in addition to the job cuts associated with the closures, it plans to eliminate about 100 corporate jobs as part of a cost-saving measure.
The New York-based company expects to save $30 million to $35 million annually from the moves.
Shares in Aeropostale Inc. are down about 45 per cent so far this year. They rose about 1 per cent in after-hours trading following the announcement.
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