Hot Topic Hurting From Lower Sales

Hot Topic Inc. posted a lower quarterly profit, hurt by lower sales and gross margin, and the retailer said it would close stores and cut jobs to lower costs. Hot Topic, which has mostly underperformed its peers over the past few quarters as it struggled with an unappealing merchandise mix, will reduce about 14 percent of its home office and field management positions and close 40-50 underperforming stores.