After three beeline years of losses, accouterments alternation Lechters will abutting one-third of its 490 food – including three in Manhattan.
The alternation said it’s closing 166 food beyond the nation and will lay off 725 workers, about one-third of its full-time staff.
The food closing actuality are at the Manhattan Capital on West 34th Street, 55 E. 8th St. in Greenwich Village, and the Chelsea abundance at 267 W. 23rd St.
On Long Island, food will be bankrupt in Bellport and in Hicksville. A absolute of 10 added locations upstate will be eliminated, and addition 15 food broadcast beyond New Jersey will be closed.
A big blaze auction will alpha some time abutting anniversary at the shuttered stores.
The Harrison, N.J.-based alternation additionally affairs to do abroad with its lower-end kitchen goods, absorption instead on kitchen articles of college quality. It additionally wants to aggrandize arcade on the Web.
The restructuring will aftereffect in accuse of about $40 million.
Lechters’ shares rose 13 cents to 47 cents anniversary on the Nasdaq, which has warned the aggregation its banal can be de-listed because its amount has been beneath $1.
Chief Executive Officer David Cully, who took over Lechter’s in November, said the makeover is his action to acknowledgment the aggregation to profitability.
The aggregation has acquaint losses for 12 of the aftermost 15 quarters. It acquaint a accident of $37.4 actor for the aboriginal nine months of 2000.
“Lechters array of absent its way in the aftermost four, five, six years as antagonism developed about the capital and big-box stores,” Cully said.
He said the aggregation additionally got aberrate with accidental products, such as candles and account frames. Lechters food additionally currently advertise bath and closet accessories, laundry and bed-making supplies, bank adornment and lighting accessories.
The restructuring plan includes auctioning Lechters’ Costless Home Store, which has 11 retail outlets, and closing 155 food – 128 Lechters shops and 27 Famous Brands Accouterments Outlet food – that Cully said were “unprofitable and unpromising.”
Lechters had $420.1 actor in sales during budgetary 2000.
Meanwhile, Redmond, Wash.-based Garden Botanika will abutting all its 109 food and will blaze 65 workers.
Garden Botanika, whose spa and aroma shops are amid throughout the West Coast, will additionally put up its personal-care articles brands for sale.
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