The check printer Deluxe Corp. plans to close three manufacturing facilities and a call center and cut 570 employees to cope with the slowing U.S. economy.
The St. Paul company also cut its third-quarter earnings forecast, while adjusting its 2008 guidance to include restructuring and other one-time charges.
Deluxe plans to shut manufacturing facilities in Greensboro, N.C.; North Wales, Pa.; and Thorofare, N.J., as well as its call center in Thorofare. The Pennsylvania and New Jersey plants are expected to close in the first quarter and the North Carolina one later next year. The job cuts are likely to be completed by the end of the third quarter.
Deluxe now expects third-quarter earnings of 29 cents to 33 cents a share on revenue of $367 million to $374 million. In July it predicted earnings of 56 cents to 60 cents on revenue of $367 million to $374 million.
The company updated its 2008 earnings guidance to include addition cost-cutting moves. It now expects earnings of $2.25 to $2.35 a share on revenue of $1.52 billion to $1.54 billion. In July it cuts its guidance a second time to earnings of $2.52 to $2.62 a share.