Canada Goose cuts 125 staff, L Brands closing some Victoria’s Secret stores

Canada Goose cuts 125 staff, L Brands closing some Victoria’s Secret stores
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TORONTO — Retailers with Canadian operations are laying off employees and closing stores as they grapple with COVID-19.

Canada Goose Holdings Inc. is cutting 125 of its staff or roughly two per cent of its 5,000-person workforce.

The luxury parka company called the decision difficult, but said it had to take steps to address the impact of COVID-19 on its business.

Canada Goose says it’s offering the employees losing their jobs compensation, extended benefits, a personal reference letter from chief executive Dani Reiss and the option to keep their corporate phones and computers.

Meanwhile, U.S. company L Brands says it will close about 250 Victoria’s Secret stores in Canada and the U.S. and 51 Bath and Body Works locations.

The company says it is suspending store rent for April and May and is in active discussions with its landlords to negotiate payments and future occupancy costs.

This report by The Canadian Press was first published May 21, 2020.

Companies in this story: (TSX:GOOS)

The Canadian Press

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