Cost Plus to Close 26 Stores and Cut Jobs

Oakland, Calif. -- Cost Plus (CPWM Quote) announced plans to close 26 stores and cut jobs on Friday in an effort to save about $21 million a year, after the specialty home retailer reported weak holiday sales.

The Oakland, Calif.-based company also plans to exit eight media markets. Cost Plus did not identify those markets or the stores to be closed.

The company will also cut 18% of the staff in its home office and distribution center. Cost Plus had 808 corporate office and distribution employees as of Feb. 2, according to a Securities and Exchange Commission filing. The company had 2,719 full-time and 3,986 part-time employees at the time.

Cost Plus did not disclose how many employees would be affected by the store closures. ...