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SAN FRANCISCO (AP) - Sharper Image Corp. said Monday its chairman and chief executive, Richard Thalheimer, will receive a voluntary 50 percent pay cut, followed by salary reductions of other executives, as part of the company's efforts to slash expenses.
The specialty retailer, which has lost its edge to other rivals in offering the latest high-tech gadgets, also said it "reduced corporate office and distribution center headcount" by more than 20 percent, and store staff by 12 percent compared with a year ago. A spokesman declined to give further details.
The company said it "dramatically" reduced capital expenditures from about $39 million in 2005 to a planned $12 million to $15 million in 2006, and scaled back planned store openings for the year.
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