Canada Goose said Tuesday that it will cut about 17 percent of its corporate workforce, reports CNBC. This announcement follows a string of other retailers that have laid off employees this year as consumers continue to pull back on discretionary spending. The cuts will affect staff at Canada Goose’s corporate headquarters in Toronto, which had about 915 employees as of April 2023, according to a securities filing. Between April 2021 and April 2023, Canada Goose nearly doubled the number of employees at its corporate head offices from 544 to 915 to support its “continued growth,” the filing says.
Total Retail's Take: The job cuts, part of Canada Goose’s ongoing “Transformation Program,” come after what it called a “comprehensive review” of its organizational structure and the roles it needs to reach its goals. It expects the cuts will bring “immediate” cost savings and simplify its workforce, allowing the brand to make decisions more quickly and become more efficient. Like many businesses, the outerwear company seems to be searching for ways to cut costs as growth remains slow. In the three months that ended Dec. 31, Canada Goose saw sales grow 6 percent compared to the year-ago period, but the results fell short of analysts’ expectations.
In a statement Tuesday, CEO Dani Reiss said, “Today, we are realigning our teams to ensure that corporate resources are fit for purpose to fuel our next phase of growth across geographies, categories and channels.”
The layoffs at Canada Goose come after Nike, Macy’s, Wayfair, Hasbro, and Etsy all announced widespread layoffs over the past few months. In many cases, the companies were looking to focus on what they can control by becoming more efficient and focusing on profits, even as shoppers pull back on discretionary items such as clothes, shoes and toys.
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Kristina Stidham is the digital content director at Total Retail and sister brands Women in Retail Leadership Circle and Women Leading Travel & Hospitality at NAPCO Media. She is passionate about digital media and handles video, podcast and virtual event production for all brands. You can often find her at WIRLC, TR, WLT&H or industry events with her camera and podcasting equipment—or at home on Zoom—recording interviews with thought leaders and business executives.
Kristina holds a B.A. in Media Studies and Production from the Temple University Klein College of Media and Communication in Philadelphia. Go Owls! When she's not in the office, she loves to go on long walks, sing around the house, hangout with her family and two pet guinea pigs, and travel to new places.