PVH To Exit 162 Outlet Store Heritage Brands Retail Business; Cut 450 Jobs

(RTTNews) - PVH Corp. (PVH) announced its plans to streamline North American operations, including plan to exit its 162 outlet store Heritage Brands Retail business and reducing its office workforce by about 450 positions or 12%.

The company noted that these job cuts are across all three brand businesses and corporate functions. The Heritage Brands Retail stores are expected to operate through mid-2021.

PVH expects these actions to result in annual cost savings of approximately $80 million. The company expects pre-tax charges of $80 million over the next 12 months in connection with these actions, of which $10 million will be noncash.