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Thursday July 26 12:57 PM ET

By Kesha Green

CHICAGO (Reuters) - Athletic apparel maker Russell Corp. on Thursday posted a second-quarter loss and said it would cut up to 250

additional jobs, or 1.6 percent of its U.S. work force, because of the tough retail environment.

The Atlanta-based company reported a net loss of $11.6 million, or 36 cents per share, compared with a profit of $2.5 million, or 7 cents per share, a year ago. The loss included $16.5 million in restructuring-related charges. Earnings from ongoing operations totaled 15 cents per share vs. 22 cents a share a year ago.

Five analysts forecast earnings of 14 cents a share on average, with a range of 12 to 15 cents per share, according to data compiled by market research firm Thomson Financial/First Call. Second-quarter sales fell 11 percent to $251.9 million from $282.5 million a year ago.

Russell said it would record $70 million to $80 million in additional restructuring and reorganization charges by the end of the fiscal year as it cuts more jobs.

The company will realize a $20 million cost savings from the additional restructuring efforts next year, said Chief Executive Jack Ward in a conference call. The company said 150 of the new job cuts will come from the consolidation of its Mt. Airy, North Carolina-based Cross Creek Apparel customized embroidery business with another artwear business in Atlanta.

In early June, the company had announced it would cut 800 jobs or 5 percent of its worldwide workforce as part of its three-year restructuring plan. The total after-tax cost of restructuring since 1998 will be in the $220 million to $230 million range, the company said.

The restructuring should help prepare the company to take advantage when the retail environment recovers, one analyst said. ``You don't want to be in a position when the retail environment turns around and now you're scrambling to reorganize your organization and focusing on how to make things better,'' Alan Weichselbaum, analyst at Fulcrum Global Partners, said.

The company also said it expects flat full-year sales, as it restructures its Cross Creek retail brand. Full-year earnings should hit the low end of the company's projected range of $1.85 to $1.95 per share, Russell said. Shares of Russell fell 11 cents, or 0.61 percent, to $17.82 during mid-morning trade on the New York Stock Exchange. Russell shares have outperformed the Standard and Poor's index by about 24 percent since the beginning of the year.

Thursday July 26, 6:02 pm Eastern Time

TAMPA, Fla., July 26 (Reuters) - Retail apparel maker Tropical Sportswear International Corp. said Thursday it has extended its financial

review of Duck Head Apparel Co. Inc., which it is acquiring for about $16 million.

Tropical's June tender offer of $4.75 per share for Duck Head's 2.9 million shares and stock options, is subject to completion of its review of Duck Head. Both companies agreed to extend the deadline for such a review from July 26 to Aug. 6.

During this period, Tropical expects to obtain and analyze additional information from Duck Head and complete its analysis of information previously provided by Duck Head regarding, among other things, the valuation of certain assets and liabilities, including potential contingent liabilities, it said.

The expiration date of Tropical's tender offer remains midnight Aug. 8, unless Duck Head, which produces men's and boy's casual sportswear, receives a competing bid.

The amended agreement between the two companies also makes Aug. 2 the earliest date that Duck Head's board of directors can respond to a proposal from a competing bidder.