Headquarters to move

Wednesday, June 19, 2002 | 11:39 a.m.

Minneapolis-based Wilsons The Leather Experts Inc. plans to relocate its El Portal leather goods and luggage business headquarters to Minneapolis from Las Vegas to cut costs.

Wilsons also today lowered its second quarter and fiscal year financial guidance, citing special charges for employee separation and relocation expenses.

The company now expects to report a loss of $1.11 to $1.13 a share in the second quarter, wider than analysts' loss expectations of $1.06 a share, according to Thomson Financial/First Call.

Wilsons posted an operating loss of $17.5 million, or $1.02 a share, on sales of $720.1 million for the fiscal year ended Feb. 2.

About 24 positions will be relocated to Minneapolis but the company still plans to operate a Las Vegas warehouse.

Founded in 1936 in Las Vegas, El Portal was sold by the Borsack family to Wilsons in 2000.

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