Tapestry's Coach and Kate Spade foundations will each make new contributions to support Covid-19 charities and frontline healthcare workers, while Canada Goose will boost its production of medical protective gear.
The foundation will allocate $750,000 to the Covid-19 Solidarity Response Fund for the World Health Organization (WHO), and $250,000 to The New York Community Trust’s NYC Covid-19 Response & Impact Fund.
The company is working to support its staff, contribute to pandemic relief efforts, and boost its financial flexibility by drawing down from its revolving credit facility, suspending its quarterly cash dividend and more.
Wednesday was another day full of announcements from U.S. retailers looking to do their part to combat the spread of Covid-19 by implementing store closures. J.C. Penney, Skechers and J.Jill were among the latest batch.
With North American retailers implementing store closures to combat the spread of Covid-19 since the weekend, Tuesday’s announcements have come from the likes of Macy's, Ralph Lauren, AEO, Foot Locker and Tapestry.
As the outbreak continues in China, the American company has announced that it has closed 60% of its stores in the country, but is yet to provide a prediction of the impact the crisis will have on its financial results.