Canada Goose Holdings (GOOS) is cutting 17% of its global workforce as it grapples with slowing sales of its signature winter parkas.
The job cuts will impact employees at the company’s corporate headquarters, though it’s not clear exactly how many people will be let go.
Canada Goose had 915 employees at its corporate head office in Toronto last year, according to securities filings.
The move comes as consumers worldwide pullback on discretionary spending amid high inflation and as global warming lessens the impact of winter in many parts of the world.
In a news release, Canada Goose said it is “…focused on achieving efficiency and margin expansion…”
The company added that the job cuts will help it achieve immediate cost savings and allow it to become more efficient.
Canada Goose has reported a string of quarterly financial results that missed analyst expectations, sending its stock lower as a result.
In the last 12 months, Canada Goose’s stock has declined 38% to trade at $11.12 U.S. per share. Over the last five years, the stock has decreased 77%.
