Well known fashion brands take a tumble: Phillips-Van Heusen Corp., which owns the Calvin Klein, Izod and Van Heusen clothing brands, says it will close 175 stores and lay off 400 employees due to the recession. About 250 of the layoffs will come from the company’s salaried division, reducing that unit’s work force by about 10%. The remaining 150 layoffs will come from the neckwear manufacturing division. The company will also stop domestic production of machine-made neckwear, reduce its warehouse capacity and cut travel, marketing and administrative expenses.
Good times for the big game: A survey found that the average Super Bowl party will cost $172, but people in New York plan to spend more money on the event. A Visa survey of 1,000 people found that 62% plan to invite family and friends over to watch the game. The Arizona Cardinals and the Pittsburgh Steelers will play Feb. 1 in Super Bowl XLIII at Tampa, Fla.