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Stock Market & Financial Investment News

News Breaks
September 9, 2013
17:15 EDTAEOAmerican Eagle to close distribution center, take $13M-$15M charge
American Eagle disclosed in a regulatory filing that on September 5, the company announced its plans to close its Warrendale, PA distribution center and transfer the operations to its new Hazelton, PA facility. The Hazelton facility is under construction and is expected to open in 2Q14. The transition of store distribution operations from Warrendale to Hazelton is scheduled to begin in early 2015 and is anticipated to be completed by July 2015. In connection with the decision, the company expects to incur after-tax charges of $13M-$15M, which will primarily be incurred in Q3. These charges are comprised of the following after-tax amounts: $2M-$3M of severance and employee related costs; $11M-$12M of non-cash asset impairment charges. The company says the pre-tax cash outflow for severance and employee related costs are estimated to be $4M-$5M to be paid in FY15.
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