The Tapestry, Inc. he stated, Friday (April 10), that is, to extend the closing of stores in North America and Europe for over two weeks until the 24th of April, taking into account the ongoing efforts to delay the transmission of the coronavirus COVID-19.
In general, all of the retail stores of the company in China were opened – by means of its three brands, Coach, Kate Spade, and Stuart Weitzman, during the last couple of weeks. However, the Tapestry has been forced to close many of the other stores in the region, the Asia-Pacific region, including all areas in Australia, Malaysia, singapore, australia, New Zealand, Singapore, malaysia, and, more recently, some of them in Japan.
In the same way, for the majority of the distribution centers for a global company has continued to operate, with only one in Malaysia and one of the party in the state of New Jersey are temporarily closed.
As previously announced, the employees are confined, they will continue to receive pay and benefits during this period of social isolation. The company will continue to review the decisions of the closing of the stores on the basis of bi-weekly and will only open again the shops when you have the security to do so.
“The Tapestry will continue to evaluate the operations of the space, the space, in accordance with the guidelines of the local governments and global health organizations in order to determine when operations can resume safely,” he said to the group of fashion, said in a statement.
The company has finished by 2019, with $ 1.2 billion in cash and short-term investments. At the end of the first quarter, has decided to withdraw from the 700 billion dollars from its revolving credit line to $ 900 million, and suspended its quarterly dividend in cash in the fourth quarter of the fiscal year of 2020, in an effort to boost liquidity.
The Tapestry has stated that it will update the data on the impact of operating and financial information of the outbreak in its overall activity during the conference call for the third quarter of fiscal 2020, which is scheduled for the next day, the 30th of April.
The Tapestry is one of the many members of the retail sector, which is contributing to relief efforts during a pandemic. He announced, for the first time, for a donation of us $ 2 million to help small businesses in New York city, the home of all the its toll. Last week, he took a step forward with additional financial support from the foundation that Coach and Kate Spade in New York city.
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