Jones Apparel Mulls Lay Offs

Bristol, Pa. Jones Apparel Group said last week that it may resort to layoffs as part of a plan to cut $33 million in annual expenses, and will take an $840 million fourth-quarter charge related to the decline of the company’s stock price.

The company did not specify how many jobs could be cut or which sites could be affected.

In addition to personnel reductions, Jones Apparel said it may eliminate unprofitable divisions, reduce discretionary spending and reduce the quarterly cash dividend from 14 cents a share to 5 cents.