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KIROTV.com Money 

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REI Announces Layoffs, Lower Profits

Posted: 8:14 am PST February 12, 2009Updated: 1:12 pm PST February 12, 2009

KENT, Wash. -- Outdoor gear and apparel retailer REI has eliminated 61 jobs, mostly at its Kent headquarters and a distribution center in Sumner.

REI also said it's cutting part-time jobs in Sumner and at about half of its 105 stores nationwide.

REI reported a $15 million profit for last year, a 65 percent drop from the year before. The company reported 2008 sales of $1.4 billion, an increase of 6.9 percent from the previous year.

The company said the jobs cuts are based on a "significant business slowdown" in the final months of 2008 and continued projected weakness in 2009.

Copyright 2009 by KIROTV.com. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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