Leather retailer Wilsons to cut 1,002 jobs

Specialty retailer Wilsons The Leather Experts Inc. on Friday said it will close up to 160 stores and cut 1,002 jobs as part of a cost-cutting move.

The remaining 100 stores in its mall division will be remodeled into a new "Studio" concept focused on fashion accessories for women. All Wilsons stores should be remodeled by August.

About 938 store-related jobs and 64 positions at the company's corporate headquarters, overseas offices and distribution center in Brooklyn Park, Minn., will be cut. Wilsons Leather Outlet Division will not be affected.

"We expect the cost reduction initiative will enable us to reduce our working capital needs and strengthen our business, as well as provide capital for our remodel efforts to convert all remaining mall stores into our new 'Studio' concept," said Mike Searles, company chief executive, in a statement. Credits: Cnn money