Another retailer was forced to close its stores because of the coronavirus pandemic. PVH Corp., the parent company of Heritage Brands, which operates numerous retail stores, announced they will be permanently closing all 162 Izod and Van Heusen outlet stores across the country.
"We did not take these decisions lightly, as our Heritage Brands Retail business is our oldest retail business yet no longer met appropriate return metrics," said Manny Chirico, chairman, and chief executive officer at PVH. "The COVID-19 crisis is dramatically reshaping the retail landscape in ways that we believe will be long-term in nature and far-reaching in terms of consumer purchasing behavior."
PVH said they will also be laying off 12% of their workforce and expect to save $80 million. The closures are expected to occur in 2021.
The company will continue to operate its Calvin Klein and Tommy Hilfiger stores.
Numerous retailers have been forced to close stores or file for bankruptcy as the coronavirus pandemic shutdown the retail industry. While many companies saw an increase in online sales, it wasn't enough to make up for the loss of in-store sales.
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