Coach Parent Tapestry Will Increase Layoffs
A few days ago, the Tapestry group of Coach parent company announced that it would continue to reduce the number of employees in the new quarter to reduce the cost in order to make up for the loss of performance caused by the epidemic.
Previously, Tapestry group has said it is planning a new action plan to reduce the workforce of about 2100 part-time employees in these three brands.
Tapestry group said that each employee would receive a one-time payment of $1000 to help reduce the financial burden.
Tapestry most of the remaining employees in North America will continue to receive regular payments until May 30th. If stores are closed until June, most of their assistant store managers and store partners will be rested.
According to the salary level, the salaries of all employees in North American Tapestry will be reduced by 5% to 20%, and the company's bonus and salary increase will be cancelled in the same year. The amendment is expected to remain for at least 12 months.
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