COVID-19 has been affecting apparel retailers since last few months and its wrath still continues!
PVH Corp. is the latest in the line of retailers to have been impacted severely. It has now announced to close its 162-outlet stores of Heritage Brands’ retail business and reduce its office workforce by approximately 450 positions or 12 per cent.
The Heritage Brands’ retail stores are expected to operate through mid-2021.
To better align its business with the evolving North American retail landscape, the retailer is streamlining its North American operations.
It informed that the North America office workforce reductions are across all three brand businesses and corporate functions. It can help the company save US $ 80 million.
Heritage Brands’ retail business is its oldest retail business and yet no longer met appropriate return metrics.
Calling this step as an incredibly difficult decision, Manny Chirico, Chairman and CEO of the company said that the structural changes occurring in the North American retail landscape have required us to take a hard look at our North American operations and identify where we can optimise costs across our business model.
Operating in over 40 countries and having US $ 9.9 billion in annual revenues in 2019, PVH brand portfolio includes the iconic Calvin Klein, Tommy Hilfiger, Van Heusen, Izod, Arrow etc.