G-III Apparel to close RI plant

G-III Apparel to close RI plant

NEW YORK: G-III Apparel Group Ltd, which makes clothes and
shoes under the Cole Haan and Jones New York labels, plans to
close its factory in Indonesia because of rising costs and
political and economic instability.

G-III will have a fiscal fourth-quarter expense of $2.2
million to $3.4 million to shut down the Indonesian plant, the
company said in a statement.

The New York-based company also lowered its forecast for the
fiscal year ending Jan. 31. The company cut its estimates to 60
cents to 65 cents a share, excluding the expense from closing the
facility, from a September estimate of 95 cents to $1.

The company attributed the revised guidance a "significant"
increases in operating losses in Indonesia as well as higher than
planned advertising and shipping costs.

G-III's shares fell 4 cents to $7.17 as of 4 p.m. in Nasdaq
Stock Market trading. They've risen 35 percent in the past year.
-- Bloomberg