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Bitcoin Cryptocurrency Stock Market Canada Goose Cutting About 125 Jobs – The Wall Street Journal


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Bitcoin Cryptocurrency Stock Market Canada Goose Cutting About 125 Jobs – The Wall Street Journal

Shoppers walked past a Canada Goose store in central London last year. Photo: Steve Taylor/SOPA Images/Zuma Press Updated May 20, 2020 9:42 pm ET Canada Goose Holdings Inc. has laid off about 125 workers, as the coronavirus pandemic saps demand for the company’s luxury fur-trimmed jackets. The Toronto apparel maker, in a statement Wednesday to…

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Shoppers walked past a Canada Goose store in central London last year.



Photo:

Steve Taylor/SOPA Images/Zuma Press

Canada Goose Holdings Inc.

has laid off about 125 workers, as the coronavirus pandemic saps demand for the company’s luxury fur-trimmed jackets.

The Toronto apparel maker, in a statement Wednesday to The Wall Street Journal, said it permanently laid off about 2.5% of its global workforce after previously taking other steps to address the impact of Covid-19 on its business. Canada Goose recently said it had more than 5,000 employees.

The layoffs show how the pandemic has piled additional pressure onto brands and retailers, even brands like Canada Goose that were enjoying strong demand for their products before many stores shut and consumers cut back their spending. Last year, Canada Goose’s revenue jumped 41%, helped by strong demand in China.

Canada Goose said in March it was temporarily closing its North American and European retail stores and suspending its in-house production. It also withdrew the long-term financial forecast that it gave last year.

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The company said last month it was reopening facilities in Canada to make PPE, or personal protective equipment, and that it planned to deliver as many as 1.5 million gowns. As many as 900 staffers were going to be working on that production, the company said.

On Wednesday, Canada Goose said staff who are laid off will receive compensation packages and extended benefits. They can also keep their work computers and phones.

The U.S.’s top economic policy leaders outline contrasting visions; FEMA says as many as 39 states have requested full reimbursement of some coronavirus expenses; South Korean high school seniors resume classes. WSJ’s Jason Bellini has the latest on the pandemic. Photo: Stephanie Keith/Getty Images

Write to Allison Prang at [email protected]

Corrections & Amplifications

Canada Goose Holdings laid off about 125 workers, representing about 2.5% of its global workforce. An earlier version of this article and headline incorrectly said the company laid off about 250 people, or 5% of its workforce, based on information provided by the company. (Corrected on May 20)

Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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