S&K Famous Brands, which owns the S&K Menswear chain in the US, has axed head office jobs as it appoints turnaround specialists to get the business back on track with its strategic plan.
About 50 full-time positions have been cut at the company’s corporate office in Richmond, Virginia, including senior management roles, to save US$3.3 million (£1.66m) in costs. The company said the job losses would better place the company to carry out its strategic plan.
The company, which has 219 stores operating in the value menswear market, said it would move aggressively to terminate leases early in locations that no longer positively represent its brand strategy or do not generate an adequate return.
S&K Menswear will be converting the rest of its stores to a new design trialled this spring in Huntsville, Atlanta, and Savannah, Georgia, with two shops to be converted in the next month in Dayton in Ohio and Buford in Georgia.
Financial consultancy firm Alvarez & Marsal will help the business carry out a raft of initiatives to improve performance, including the sale of assets which are not core to the SK Menswear operation.
The business will also target a more contemporary, fashionable and younger customer. S&K Menswear currently sells brands including Calvin Klein, Jones New York and Oscar de la Renta in formalwear. Roberto Villini and Michael Brandon are casualwear labels.
The company will also concentrate on fashion-oriented, casual and branded products that have performed well in the past year, while cutting down on some tailored clothing lines. However, it said suits would still remain a core part of the offer and that casualwear and hirewear would be expanded.
President and chief executive Joseph Oliver III said: “Our vision is to create a simple and enjoyable shopping experience where customers can buy dressy and casual menswear to fit their needs and budgets.
“Our transition from your father’s suit store into realising this vision is being rapidly accelerated. We are committed to investing our resources aggressively into becoming the store with the service and style that our customers demand.”