Fossil Lays Off Employees, Closes Stores
Fossil Group has laid off employees this week at its corporate headquarters in Richardson, Texas, according to The Dallas Morning News. The company didn't say how many employees were affected by these cuts. Company spokeswoman Ann Jane Draper said Fossil also has started closing stores — there are 284 locations in the U.S. Fossil reported a 70 percent decline in third-quarter profit and a 4.2 percent sales decline back in November.
Total Retail’s Take: It seems like every day we're reporting on another retailer laying off employees or closing stores. In a statement, Fossil said, “Like many companies operating in today's difficult and often unpredictable marketplace, we are reinventing and re-positioning our company to compete. This enables us to be more agile, more responsive and better positions us to meet the evolving needs of customers.” The company added wearable fitness trackers and smartwatches to its product line last year, however, half of Fossil’s business is wholesale. In the U.S., that business is largely department stores, which have been struggling as of late.