Coach Parent Tapestry to Cut More Jobs as Losses Widen

Luxury nameplate Tapestry (NYSE: TPR) reported a wider-than-expected fiscal third-quarter loss as the COVID-19 pandemic forced the closure of 90% of its stores. 

To cope with the decline, the owner of handbag makers Coach and Kate Spade and high-end shoemaker Stuart Weitzmann said it would be firing more employees, both at the corporate and retail level.

Chairman and CEO Jide Zeitlin said in a statement, "We are taking aggressive actions to assure that Tapestry emerges a strong company when conditions normalize."

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Source Fool.com