No Sleep Number is going to help Select Comfort employees rest easy this month. The company said Tuesday that it plans to eliminate 120 jobs at its headquarters in Plymouth. That’s about 22 percent of the bed retailer’s corporate workforce.
Select Comfort expects the cuts will save about $15 million a year beginning in 2009. It also said it anticipates a loss of about $35 million for the fourth quarter of 2008.
CEO Bill McLaughlin said the company has been navigating “an extremely difficult macro-economic environment.”
“We expect these macro-economic challenges to continue and possibly worsen in 2009. Therefore, we’ve taken additional actions to better align our cost and cash structure with our 2009 outlook for the economy,” McLaughlin said.
The company also previously announced that it plans to close about 20 stores during the first quarter of 2009.