Russell to Cut Jobs at 4 Alabama Factories
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Russell Corp. said it will cut 800 jobs at four Alabama factories and report second-quarter earnings sharply below forecasts because of sluggish demand for its athletic apparel. The job cuts represent 5.3% of its worldwide work force of about 15,000 people.
Russell shares fell $2.53, or 19%, to close at $15.86 on the NYSE. The firm lowered its second-quarter earnings forecast to 12 cents to 16 cents a share, down from the 27 cents expected by analysts surveyed by First Call/Thomson Financial. Sales are expected to fall as much as 6%.
Russell sells its uniforms, athletic and casual wear under the Jerzees, Cross Creek and Russell Athletic brands.
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