It was a “tough but responsible decision,” the company said in a statement. It comes after taking several measures to deal with the commercial impacts of the coronavirus.
The Toronto-based retailer closed its retail stores in North America and Europe on March 17, joining a wave of mandatory and mandatory store closings to prevent the spread of the virus.
CEO Dani Reiss said at the time that he would give up his salary for at least three months and that the money would instead be used to help employees of the company.
Canada Goose has suspended the long-term outlook it originally provided in May 2019 as it ignored the coronavirus pandemic, and reiterated its new outlook for fiscal 2020, which it noted during its last quarterly profit in February.
“The extent and duration of the COVID-19 disruption remains uncertain and may have a greater negative impact in the coming years,” the company said in March.
Canada Goose says it is committed to supporting laid-off workers with what it has called fair pay, extended benefits, a CEO reference letter and other helpers.
Meanwhile, US retailer L Brands announced on Wednesday that it will reduce the number of stores owned by Victoria’s Secret and close about 250 stores in the United States and Canada this year.
The company plans to grow from 33 Victoria’s Secret stores in Canada at the start of this year to 23, according to forecasts in its financial documents, and to reduce its PINK brand stores, which target post-secondary women, from five to two.