Icelandic bank Kaupthing put British unit Mosaic Fashions into administration and announced a deal to buy back some of its brands immediately, saving around 8,700 jobs while leaving about 4,200 at risk on Monday.
U.S. shoe and clothing maker Kenneth Cole Productions Inc posted a wider fourth-quarter loss, weighed down by margin pressures, and suspended its quarterly dividend to conserve cash in an uncertain economic environment.
As art collectors flock to Paris next week for a giant sale of works amassed by Yves Saint Laurent and his partner, an auction of hundreds of the designer's vintage pieces a few days later may give them a reason to stay.
Footwear retailer Brown Shoe Co Inc said it expects to cut 12 percent to 14 percent of its domestic work force, excluding stores and distribution centers, and take a charge of $27 million to $30 million related to its cost-reduction actions.
Shoe maker Wolverine World Wide Inc (WWW.N) reported higher-than-expected fourth-quarter results as strong sales of its core brands offset foreign exchange headwinds, and forecast 2009 earnings in line with analysts' estimates.
Footwear retailer Brown Shoe Co Inc (BWS.N) said it will cut jobs and close some stores as part of its cost-reduction initiatives, and expects annual savings of about $22 million, beginning in fiscal 2009.