Dillard's responds to investors' concerns

LITTLE ROCK, Ark. In response to concerns about its financial strength, Dillard's issued a statement highlighting plans to serve its long-term investors.

The company reiterated that it has closed 20 under-performing stores in 2008 to date. This action will result in over $50 million less working capital requirement from inventory alone. In addition, mew store openings in 2009 have been reduced to two compared to ten in 2008. Capital expenditures for 2009 have been trimmed to approximately $120 million from approximately $204 million in fiscal 2008 following $396 million in fiscal 2007.