Calvin Klein owner: ‘Retail companies are not built to have their stores closed’

E1CCFC80-0123-4DC9-A512-5974285AF295

Calvin Klein, Tommy Hilfiger and other PVH stores in North America and Europe have been closed since mid-March.

The company has furloughed about 75% of its workforce in North America.

With stores closed, the retail industry is struggling with inventory piling up in warehouses and no place to sell it, the head of the company that owns such names as Calvin Klein and Tommy Hilfiger told CNBC on Wednesday.

“Retail companies are not built to have their stores closed for extended periods of time,” PVH CEO Manny Chirico said in an interview with Becky Quick on “Squawk Box.”

PVH’s stores in North America and Europe have been closed since mid-March, along with many other businesses. The closures as expected to drag on for weeks if not months as the world tries to contain the coronavirus pandemic.

The company has furloughed about 75% of its workforce in North America, Chirico said, adding to the hundreds of thousands of furloughs taking place in an industry that employees more than 50 million people in the U.S. alone.

Continue reading… “Calvin Klein owner: ‘Retail companies are not built to have their stores closed’”

0