About 250 of the layoffs will come from the company's salaried division, reducing that unit's work force by about 10 percent. 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.

Phillips-Van Heusen expects the moves will save about $40 million per year before taxes.

As part of the restructuring, the company will record after-tax charges of $55 million, or $1.05 per share. About $50 million, or 96 cents per share, of that charge will be recorded in the fourth quarter.

Phillips-Van Heusen now expects to report a fourth-quarter loss of between 74 cents to 79 cents per share. Excluding one-time items, the company expects a profit of between 25 cents and 30 cents per share.

The company expects fourth-quarter revenue of between $585 million and $590 million.

Analysts polled by Thomson Reuters expect fourth-quarter earnings of 37 cents per share on revenue of $576.9 million. Analyst estimates typically exclude one-time charges.

Phillips-Van Heusen also estimated same-store sales to be down 8 percent to 10 percent in the fourth quarter. The company previously forecast a same-store sales decline of 8 percent to 13 percent.

Same-store sales are an important retail performance indicator because they measure sales at existing stores rather than newly opened ones.

Shares fell $1.06, or 5.6 percent, to $17.75 in aftermarket trading. Earlier, the stock rose $1.25, or 7.1 percent, to close regular trading at $18.81. The stock has traded between $13.04 and $47.94 in the past 52 weeks.

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