The co-operative cited “very challenging” sales monthsin Nov. and Dec. and said it was preparing for a flat 2009. To that end, REIhas eliminated 61 full-time positions, most in its Kent, WA headquarters andSumner, WA distribution center; deferred staff raises and delayed or eliminatedsome unspecified projects and programs. The layoffs represented less than 2% ofthe full-time workforce. REI still intends to open five new retail stores thisyear and upgrade its key merchandising systems.

In FY08, net income slid 65% to ... Log in to view full article.