Brief: Destination XL Eliminated 45 Positions, Which Represents 13% Of Its Corporate Work Force

Destination XL

02/11/2020 23:13

Nov 2 (Reuters) - Destination XL Group Inc  DXLG.O :
    * DESTINATION XL - OTHER EXPENSE-REDUCTION ACTIONS TAKEN IN
Q1, Q2
EXPECTED TO SAVE ADDITIONAL $6.2 MILLION IN CORPORATE PAYROLL,
ON ANNUALIZED BASIS 
    * DESTINATION XL - IMPLEMENTED ADDITIONAL CORPORATE
RESTRUCTURING
TO REALIGN SG&A EXPENSES WITH POTENTIAL CONTINUATION OF REDUCED
SALES LEVELS
    * DESTINATION XL - EXPECTS TO REALIZE ANNUALIZED SAVINGS OF
$9.7
MILLION
    * DESTINATION XL - ANNUALIZED SAVINGS INCLUDE $3.8 MILLION
IN
CORPORATE PAYROLL COSTS
    * DESTINATION XL - ANNUALIZED SAVINGS INCLUDE $5.9 MILLION
IN
TERMINATED SERVICES AGREEMENTS, ELIMINATED PROFESSIONAL SERVICES
AND REDUCED MARKETING COSTS
    * DESTINATION XL - EXPECTS THE MAJORITY OF RESTRUCTURING
ACTIONS
TO BE TAKEN BY THE START OF 2021
    * DESTINATION XL - ELIMINATED 45 POSITIONS, WHICH REPRESENTS
13%
OF ITS CORPORATE WORK FORCE
    * DESTINATION XL - EXPECTS TO INCUR CASH CHARGE IN Q4 OF
ABOUT
$0.5 MILLION FOR EMPLOYEE SEVERANCE AND ONE-TIME TERMINATION
BENEFITS

Source text: [https://bit.ly/3jN5Gdv]
Further company coverage:  DXLG.O 

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