NEW YORK — Tapestry — a retail company operating brands under Coach, Kate Spade and Stuart Weitzman — announced it plans to pay full-time employees thru May 30 but will start furloughing part-time employees on April 25.
Tapestry stores have been closed in the U.S. and Europe since March 17 due to the pandemic and it’s unclear when they will reopen.
The company says all stores in Mainland China are now reopen.
Tapestry will try to reduce fixed expenses on rent, saving on procurement services and reducing external third-party services. It will cancel any new inventory for late summer and fall and also eliminate paying stock dividends and share buybacks.
Tapestry says it will try to save money by:
Tapestry also plans to cut salaries which are expected to remain in effect for up to 12 months::
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