The owner of Coach, Kate Spade and Stuart Weitzman has announced a range of new measures to deal with disruption caused by Covid-19, including the reduction of its part-time workforce and cuts in corporate salaries.
Tapestry Inc. said on Friday that is was extending store closures in North America and Europe for an additional two weeks through April 24, in light of continued efforts to slow the transmission of Covid-19.
Tapestry's Coach and Kate Spade foundations will each make new contributions to support Covid-19 charities and frontline healthcare workers, while Canada Goose will boost its production of medical protective gear.
The donation to the NYC Department of Small Business Services Small Business Continuity Fund will help to give financial assistance to those small businesses in the city that have seen revenues hit by Covid-19.
The company is working to support its staff, contribute to pandemic relief efforts, and boost its financial flexibility by drawing down from its revolving credit facility, suspending its quarterly cash dividend and more.
With North American retailers implementing store closures to combat the spread of Covid-19 since the weekend, Tuesday’s announcements have come from the likes of Macy's, Ralph Lauren, AEO, Foot Locker and Tapestry.
Tapestry Inc. has made several new appointments to its senior management team, including a new CEO and president at both its Kate Spade and Stuart Weitzman brands, and a new president of Tapestry Asia Pacific.