Sally Beauty Holdings, Inc., the international specialty retailer and distributor of professional beauty supplies based in Denton, Texas has announced an as yet unspecified number of layoffs to facilitate its restructuring plan. Based on estimated savings of $15 million annually, the number of layoffs is estimated to be between 100 to 300 employees.
According to Sally’s President and CEO Chris Brickman,...
“This program includes cost savings initiatives focused on organizational efficiencies, sourcing of product and brands for resale, indirect procurement, store operating expenses, and inventory management. As a first step, the Company is implementing headcount reductions, primarily at its corporate headquarters in Denton, Texas, which represent an expansion of the restructuring plan announced this past November ('2018 Restructuring Plan') and reflects the Company’s continued focus on streamlining operations and improving efficiencies in order to drive long-term profitable growth. "
“We have dedicated a substantial amount of work over the last several months into the development of initiatives that we expect will generate meaningful financial benefits, within both product margin and G&A expenses. We plan to utilize these benefits to maintain our profitability and fund the key investments required to transform the business and intensify our focus on our most differentiated categories - hair color and hair care.”