ATLANTA (AP) — Carter's Inc. said Thursday that it plans to shutter a Connecticut facility and consolidate the retail store and financial operations it currently manages with its Atlanta operations.
The Atlanta-based children's clothing retailer said it expects to complete the move by the end of 2013.
A company spokesman said he could not comment on how many jobs would be eliminated by the closing of the Shelton, Conn., facility.
But Carter's said it expects the move to create about 200 new jobs in Atlanta, mainly in the areas of retail merchandising and store operations, finance, and information technology. The company currently employs about 1,200 people in the Atlanta area.
Carter's also said it expects to record related pretax expenses of between $35 million and $40 million over the next 12 to 18 months, mainly related to recruiting, relocation and severance costs and facility-related charges.
Carter's shares rose 49 cents to $52.98 in morning trading. Its shares are 8 percent below their 52-week high of $57.62 set in early September.