H&R Block cuts 400 jobs, shuts 400 stores

KANSAS CITY, Mo. (AP) - H&R Block says it will trim 400 jobs and has shut 400 underperforming locations as it seeks to reduce costs.

The tax services provider expects the cuts in its field and corporate support organization will cut annual operating costs by $140 million to $150 million by the end of fiscal 2012.

H&R Block will book a pretax charge of about $28 million to cover severance costs. It employs about 133,700 workers overall.

The Kansas City, Mo., company also says it has shut about 400 underperforming locations in its 11,000 store network.