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L.A. GEAR TO DOWNSIZE BY 55% BY CUTTING 170 JOBS
Published December 2, 1996
Santa Monica, CA-based L.A. Gear will cut 170 jobs, decreasing its work force by 55%, according to the N.Y. TIMES. To cut costs, the company will consolidate office and distribution space as well as restructure it's European operations. In addition, President & COO William Benford will resign in February to join Shamrock Capital Advisors Inc. Bruce MacGregor, formerly Avia Athletic Footwear VP/Marketing, will take over on an interim basis. For the tenth straight quarter, L.A. Gear will post a loss in the fourth quarter (N.Y. TIMES, 11/28). Cuts will be carried out in the next three months, according to Frederick Rose of the WALL STREET JOURNAL, who notes the cutbacks are only the latest for L.A. Gear, whose losses have mounted, with sales dropping 30% in the first nine months to $170.6M from $242.8M a year earlier (WALL STREET JOURNAL, 11/29).