Limited Brands to cut corporate jobs

COLUMBUS, Ohio Limited Brands announced today that it will decrease the number of employees at its corporate and brand home offices by 10%, in an effort to reduce SG&A expenses. The company said that it does not expect to eliminate any positions in stores, distribution centers or call centers.

"We are on track with our value-enhancing strategic initiatives and are now ready to embark on fine-tuning the organization to better match the size and complexity of the 'new Limited Brands' where we'll focus primarily on intimate apparel and personal care," said Leslie Wexner, chairman and ceo. "To improve overall profitability, we have launched a broad effort to streamline the company, enhance productivity and efficiency, and focus resources on the most promising growth opportunities."

Also part of Limited Brands' cost-cutting initiatives is the previously announced sale of a 67%-stake in its Express brand to affiliates of Golden Gate Capital. Subject to customary closing conditions, the transaction is expected to close on July 6.

The company continues to explore strategic alternatives for its Limited Stores business. No timetable has been established for completion of the Limited Stores process.

The company is also evaluating the feasibility of alternatives involving certain other non-core assets, including real estate and other investments. The company is not considering alternatives for Mast Industries, which is strategic to the sourcing and production of merchandise for Victoria's Secret, Pink and La Senza.