Richmond, CA December 13, 2001 QRS, a provider of solutions for the retail supply chain, is consolidating its product line and cutting 10 percent of its workforce as part of a restructuring announced Thursday.
The company said in a statement that it would incorporate certain product functionalities of its Tradeweave Sales and Inventory Analysis, Logistics and Outsourcing solutions into expanded QRS applications and phase out those products as separate offerings.
The company said it would assist users of products that are being phased out through a transition to appropriate new solutions.
QRS said the product line consolidation would allow the company to allocate additional resources to areas that customers have identified as most critical to their operations and also result in savings of approximately $2 million in 2002 for QRS.
In addition to cutting its full-time staff by 10 percent, QRS also said it would consolidate real estate in California, New York and New Jersey, resulting in savings of $2 million to $3 million in 2002.
QRS said in its statement that it expects to take a fourth-quarter charge of $7 million to $10 million in conjunction with the restructuring.
Finally, the company revised downward its revenue outlook for the fourth quarter 2001 to between $35 million and $38 million, and for the full year to between $143 million and $146 million.