Canada Goose Holdings Inc, a leading luxury parka manufacturer, has reportedly laid off around 125 employees as a result of the ongoing Covid-19 pandemic. Similar to other high-end retailers like Ralph Lauren and Capri Holdings, Canada Goose has been deeply impacted by the changes in consumer behavior brought about by the virus. As a result, there has been a substantial decline in demand for non-essential products, prompting companies in this sector to implement cost-saving measures such as employee furloughs and investment reductions.

However, in response to the layoffs, Canada Goose has taken steps to support the affected employees. The company has announced that they will receive compensation packages, extended benefits, and they can keep their work computers and phones. Reuters has attempted to reach out for further comments from the company, but no response has been provided so far.

It is worth mentioning that Canada Goose had previously made plans to reopen its Canadian facilities to produce personal protective equipment (PPE) during the pandemic. Initially, they estimated that up to 900 employees across Canada would be involved in this initiative. However, due to the ongoing crisis, the company has suspended its long-term outlook that was issued last year.

The impact of the Covid-19 pandemic on the global economy has been severe, and the retail industry has been particularly hard-hit. With governments implementing lockdown measures, consumer spending has naturally shifted towards essential items like packaged foods, resulting in decreased demand for luxury goods. This unprecedented situation has forced companies like Canada Goose to make tough decisions in order to adapt.

While it remains uncertain when the luxury retail sector will recover from the effects of the pandemic, businesses are working hard to adjust their operations and provide support to their employees. Canada Goose’s decision to lay off workers while offering compensation packages and benefits highlights their dedication to standing by their workforce during this challenging period.

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