November 12, 1997 in Nation/World

Donna Karan Cuts Staff To Boost Stock

From Staff And Wire Reports

Donna Karan International will eliminate 285 jobs, or about 15 percent of its staff, as part of a restructuring effort to cut costs and boost its stock price.

The New York-based fashion house, in an announcement Tuesday, said the staff reduction will save more than $10 million a year starting in 1998.

Donna Karan also said its earnings plunged in the third quarter, and it will take a $64 million charge in the fourth quarter to cover costs associated with the restructuring.

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