Feeling the biggest impact yet from changes in the way retailers order products, Day Runner Inc. on Tuesday posted a quarterly loss of $2.7 million and said losses for the current three-month period will be "substantial."
The Irvine maker of paper organizers, planners and software said it has eliminated 30 jobs, including 14 management positions, since late last month as it continues to adjust to more inventory tightening by its major U.S. customers.
"Our goal is to complete the bulk of our restructuring this fiscal year and to enter fiscal 2001 as a leaner and profitable organization," James E. Freeman Jr., Day Runner's chief executive, said in a news release. "We believe this goal is achievable."
Meanwhile, he said, the seasonal nature of the company's business, constraints on sales and expenses of reducing staff level will likely result in "a substantial loss in the March quarter."