Canada Goose is weathering a storm.
The outerwear manufacturer is laying off roughly 17% of its corporate staff as part of what it’s calling a “transformation program,” the company said in a statement on Tuesday. Canada Goose said the reduction will have “immediate cost savings.”
It remains unclear how many roles will be affected. In an email to Quartz, a spokesperson for the company said that “the only [number] that Canada Goose is able to share is 17% of global corporate roles,” and that “the Canada Goose team did not provide those [numbers].” Data from Bloomberg estimates the company had 4,760 employees as of April 2023.
Dani Reiss, the company’s chair and CEO, said in the layoff notice that Canada Goose is focusing on “achieving efficiency and margin expansion,” and has plans to invest in key initiatives like “brand, design and best-in-class operations” as it plans for long-term growth.
The company’s workforce reduction comes at a time when other retailers have been forced to scale back their employee headcount in order to mitigate costs. In February, Nike said it would be reducing its workforce by 2%, cutting nearly 1,600 jobs. The month prior, Macy’s said it would be cutting ties with 3.5% of its roster, slashing 2,350 positions.
The luxury outwear maker’s stock slipped on the news, trading at $11.53, during early afternoon hours.
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