Phillips-Van Heusen to Trim Work Force

Phillips-Van Heusen Corp. said it will eliminate 1,200 jobs, or 12% of its work force, and lowered financial forecasts, citing a weak economic environment that worsened “dramatically” after Sept. 11. The company, maker of Van Heusen dress shirts and Izod brand apparel, said it now expects earnings of 45 cents for the third quarter, compared with analysts’ expectations of 51cents, with sales down 9%. Phillips also said full-year 2001 earnings will be in the range of 84cents to 87 cents, compared with forecasts of 91 cents. For 2002, it expects earnings to be 97 cents to $1.02, compared with estimates of $1.08.

The job cuts result from the company exiting three dress shirt manufacturing facilities in Central America and streamlining certain corporate and divisional operations.