Canada Goose Lays Off 125 Workers As COVID-19 Impact Takes Hold

Retailer Canada Goose Holdings Inc. (TSX:GOOS) has laid off 125 workers, about 2.5% of its global workforce, as it struggles to cope with the impact of COVID-19 on its business.

The luxury parka maker said it will continue to support the laid-off employees with extended benefits and allow them to keep their work computers and cell phones.

Luxury retailers such as Canada Goose, Ralph Lauren and Capri Holdings have been among the worst-hit firms during the COVID-19 pandemic as consumers avoid discretionary products and focus on buying essentials, forcing those retailers to lay off employees.

The company said last month it was planning to reopen its Canadian facilities to make personal protective equipment (PPE), adding that, at full capacity, as many as 900 employees across Canada were going to produce PPEs.

In March, Canada Goose suspended its long-term financial outlook.