PVH Corp, the parent company of Calvin Klein, Tommy Hilfiger and several other fashion brands, plans to close all 162 of its heritage brand stores across North America in response to the Coronavirus pandemic.
Heritage Brand includes IZOD and Van Heusen, of which there are currently eight joint storefronts in New Jersey. All locations are expected to close by late 2021. Although not touted as a liquidation sale, IZOD and Van Heusen are currently offering up to 70 per cent off site-wide online. The company also operates Olga, Geoffrey Beene, ARROW, Warner’s and True & Co brands that do not have stores, but can be found at places like Amazon, Kohl’s, Macy’s and JC Penney.
PVH Corp also plans to lay off 12 per cent of its workforce, which would result in cost savings of about $80 million. It has been a rough few months for the brick-and-mortar retail industry, which already had been struggling before the pandemic hit. Many retail companies including Brooks Brothers and Sur La Table have announced stores closures.
