The cuts were made across departments and represent eight per cent of the company’s local workforce and about one per cent of its total staff.
“This is one of several initiatives taken to align our costs with our revenue expectations,” said spokeswoman Jill Saunders.
Other initiatives have included the closure of the Friends 2B Made concept, a slowdown in store expansion from 25 new stores in 2008 to just one this year, the reduction and postponement of capital spending projects including IT systems enhancements, reductions in outside services, and efforts to improve store lease terms and optimize store locations, she said.
Saunders added: “We will continue to look at ways to challenge the organization to work as efficiently as we possibly can.” She added that the firm remains financially strong and profitable with no debt.
The firm reported a net loss of $2 million in Q3 last year but has yet to report results from Q4 and the full year.