Vera Bradley to cut corporate jobs to 'right size' expenses, CFO to leave

Vera Bradley Inc. (VRA) said late Tuesday that is embarking on a reorganization, aiming to cut costs by an additional $12 million and replacing its chief financial officer. The company plans to cut about 25 corporate positions to "further right-size the expense structure of the enterprise." Vera Bradley said that Michael Schwindle will join the company as chief financial officer on May 8. Schwindle is a retail industry veteran with more than 30 years of experience who has served as CFO for accessory and jewelry retailer Claire's since early 2020, Vera Bradley said. CFO John Enwright will be stepping down as a result of the reorganization. Enwright will work closely with Schwindle through early June to ensure a smooth transition, Vera Bradley said. Other cost-cutting measures include marketing expenses, third-party contracts and professional services, logistics and travel, the company said.

-Claudia Assis

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04-25-23 1729ET

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