Capri furloughs all North America retail staff, sees stores opening around June 1
Added 04-06-20 03:03:02pm EST - “Capri Holdings Ltd will furlough all its 7,000 retail staff in North America due to the coronavirus outbreak and expects to reopen stores around June 1, the owner of Michael Kors and Versace brands said on Monday.” - Reuters.com
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(Reuters) - Capri Holdings Ltd (CPRI.N) will furlough all its 7,000 retail staff in North America due to the coronavirus outbreak and expects to reopen stores around June 1, the owner of Michael Kors and Versace brands said on Monday.
The company’s shares, which have lost more than three-quarters of their value this year, rose nearly 28%, as broader markets rallied on hopes that the pandemic was leveling-off in some of the hardest-hit regions.
Many store-based U.S. retailers, including Kohl’s Corp (KSS.N), Macy’s Inc (M.N) and Gap Inc (GPS.N), have indefinitely shut their stores and furloughed tens of thousands of employees, while tapping their credit lines to shore up cash to ride out the hit from the outbreak.
Capri, which had a total of about 17,800 employees at the end of fiscal 2019, said the furloughed employees were eligible for unemployment insurance and other government relief programs.
The Jimmy Choo owner said it would need a smaller workforce once the pandemic ends and was applying for national payroll subsidy programs in various European countries to reduce payroll expense.
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