Moorestown-based Destination Maternity announced it is cutting jobs in what it describes as a “reduction of force.”
A company spokesperson declined to provide specifics on how many employees would be affected by the announcement.
“This reduction in force is a very difficult, but necessary step for the company,” Lisa Gavales, chair of the office of the CEO. “We are streamlining our teams, and sharpening our product offering to focus on the key items that are most important and relevant to our new moms and moms2be. While challenging, this is a critical step in helping to position the business as a more nimble and profitable organization in the future.”
The reduction, it said, is expected to generate savings of about $4 million to $4.5 million on an annualized run-rate basis.
“We would also like to express our appreciation to each of the employees impacted by this decision for their meaningful contributions to the company. We remain committed to treating impacted associates with respect and support through this transition,” Gavales said.
