SAN FRANCISCO (Reuters) – Furniture Brands International Inc (FBN.N) said on Thursday it would cut its workforce by 15 percent, or about 1,500 jobs, to cut costs as it faces softer sales in the recession.
The company, whose shares have fallen 70 percent in the past year, said it would record severance costs of between $8 million and $9 million, the bulk of which would be seen in the fourth quarter.
Furniture Brands said it expects to save more than $20 million a year on the action.
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