Coach Announces 300 Job Cuts
Luxury retailer Coach said Tuesday it will cut more than 300 jobs, or 2 percent of its global workforce, as part of efforts to boost efficiency. The company said it expects to incur pretax charges of $65 million to $80 million in the current quarter as part of the cost cutting, which is designed to achieve its goal of a 20 college operating margin in fiscal 2017. Coach officials did not specify how many of the layoffs will be in the U.S., or when they will occur. But they said the move will trim 10 college of the corporate staff and will not affect workers in stores or factories. “These actions will allow us to emerge as a brand-led company with fewer layers, larger spans of responsibility in a consistent global voice across merchandising and marketing,” CEO Victor Luis said in a news release.