Tiffany details planned job cuts

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NEW YORK (Reuters) - Tiffany & Co offered voluntary retirement incentives to about 800 U.S. employees as part of planned job cuts as the upscale jeweler grapples with the economic downturn.

Tiffany, which revealed the details in a regulatory filing on Tuesday, said it expects to record a pretax, nonrecurring charge of $50 million to $65 million in the fourth quarter of fiscal 2008, tied to the incentives.

A Tiffany representative could not immediately be reached for comment.

As of March 28, Tiffany had about 8,800 full-time and part-time employees. Of those, approximately 6,000 were employed in the United States, the company said in an earlier filing.

The final charge will depend on the number of eligible employees who take up the offer, Tiffany said, warning it could take additional charges after management finalizes its plan for further adjustments by the end of the fourth quarter.

The incentive includes "increased age and service credit for pension purposes, severance payments, enhanced retirement health care benefits and accelerated vesting and extended exercise rights for equity grants now outstanding," Tiffany said in a U.S. Securities and Exchange Commission filing.

In late November, Tiffany slashed its full-year forecast and trimmed its 2009 store growth plans, puncturing hopes that it was more immune to the economic slowdown than other retailers.

The company expects full-year earnings of $2.30 to $2.50 a share, down from a prior view of $2.82 to $2.92 a share.

The charges tied to the retirement incentive were not included in the full-year forecast, Tiffany said.

Its shares were up 63 cents or 3.5 percent at $18.61 on the New York Stock Exchange on Tuesday afternoon.

(Reporting by Aarthi Sivaraman, editing by Matthew Lewis)

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