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May 23, 2006
Hilfiger Gets Business Makeover
Tommy Hilfiger announced a major restructuring on Monday, including plans to trim underperforming businesses and move its corporate headquarters to Amsterdam.
Tommy said it plans to put an end its children’s line and close its H Hilfiger retail business. As part of its reorganization, the company also laid off 230 employees, saying that it is consolidating management positions and getting rid of some back office functions.
New Tommy CEO Fred Gehring said the company is concentrating on improving its brand in the U.S. and building on its premium image worldwide.
Gehring was appointed chief executive of the company two weeks ago, following Tommy’s sale earlier this year to private equity firm Apax Partners.
Posted by Blacks on May 23, 2006 09:18 AM
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