Burberry to cut capital spending and jobs

Luxury clothing company Burberry is being forced to slash 290 jobs in a bid
to cope with struggling sales.

In Spain, the closure of its Thomas Burberry business has cost a further 250
jobs.

Burberry’s difficulties have put the breaks on its expansion into emerging
nations. CFO Stacey Cartwright is reported saying that fewer stores would be
opened in 2009.

Capital spending would need to be halved, to around £45m in fiscal 2010,
Cartwright added.

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