Cost Plus to Pull Out of Eight Markets, Cut 10% of Work Force
Oakland, Calif., Cost Plus, Inc. announced that it will exit eight media markets during fiscal 2008 while closing 18 of its existing stores.
The elimination of these media markets will allow the company to increase its brand presence in outperforming markets.
The company plans to open 17 new stores during the next 12 months in existing states, confirming its previously announced intent not to increase store count in fiscal 2008.
Additionally, the company will reduce its corporate work force by approximately 10% through the consolidation of functions and the automation of certain activities.
Cost Plus anticipates these cost reductions will result in annual savings of approximately $8 million beginning in fiscal year 2008.