Tommy Hilfiger laid off approximately 150 people yesterday, according to sources within the company. The cuts come a week after the clothing company announced lower-than-expected earnings for the year ended March 31. Company officials weren't available for immediate comment.

Tommy Hilfiger has been looking for a buyer since it settled a federal investigation earlier this year, and analysts were not surprised by the layoffs.

"They've got to get it lean and ready to go," says Marshal Cohen, chief analyst at trend-tracking NPD Group Inc. "It's also possible that they are closer to a deal than we know," and Tommy is cleaning house before announcing a takeover.