Tapestry to Lay Off 2,100 Workers; CEO Salary Cut in Half
The retail industry as a whole is struggling with the economic slowdown caused by the SARS-CoV-2 coronavirus outbreak. A bellwether company in the luxury segment, Tapestry (NYSE: TPR), on Monday announced a series of business retrenchment measures it is taking to endure this period.
The company said it will cut roughly 2,100 part-time retail employees, effective Saturday, April 25. These workers will be given a one-time payout of $1,000 "to reduce the financial burden of this action." Until May 30, Tapestry will retain most of its North America retail workforce; afterward it will furlough the majority of store managers and sales associates in outlets that have not reopened.
Image source: Tapestry.
Source Fool.com
