RENT - Canada Goose Layoffs 2024: What to Know About the Latest GOOS Job Cuts
2024-03-27 10:37:51 ET
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Canada Goose (NYSE: GOOS ) layoffs are in the news Wednesday as the luxury apparel company prepares to cut 17% of its corporate employees.
Canada Goose notes that these layoffs will mostly be contained to its corporate headquarters, which has about 915 employees . This comes after the company ramped up hiring during the pandemic to meet growing demand.
The layoffs are part of Canada Goose’s ongoing “Transformation Program.” The company claims that these headcount reductions will result in immediate savings. Another benefit will be the simplification of its workforce to allow for quicker decision making.
Dani Reiss, CEO of Canada Goose, said the following about the job cuts to CNBC :
“We are focused on achieving efficiency and margin expansion, while investing in key initiatives — brand, design and best-in-class operations — that will powerfully position our iconic performance luxury brand to deliver long-term growth”
Canada Goose Joins Layoffs Trend
Canada Goose is far from the only retailer that has announced job cuts recently. Several companies are reducing their headcounts to deal with weakening demand from consumers .
This is due to the ongoing effects of increased inflation and high interest rates. That has resulted in many consumers reducing their amount of discretionary spending. With that decrease in spending comes lower sales for retailers — especially those dealing in luxury items.
GOOS stock is up 5% as of Wednesday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines .
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