PVH Mulls Additional Job Cuts; To Take $50 Mln Charges

(RTTNews) - PVH Corp. (PVH), a lifestyle company, plans for additional job cuts and expects about $50 million of severance expense primarily in the second quarter of 2023, the company disclosed in a securities filing on Tuesday.

This is in connection with the company's earlier announcement made in August 2022 to reduce people costs by about 10% by the end of 2023.

PVH had incurred pre-tax costs of $20 million related to initial actions taken in 2022.

"In the third quarter of 2023, the Company expects to take additional actions under these plans for which severance costs cannot be estimated at this time," the company said in the filing.

The company said it expects to save more than $100 million a year through these actions, which are expected to be completed by the end of the third quarter of 2023.