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Tapestry stores continue closed in many locations but China re-opened

Apr 14, 2020 United States
Tapestry stores continue closed in many locations but China re-opened
Tapestry has extended store closures in North America and Europe for an additional two weeks (through the 24th of April). Stores in China have re-opened
As previously announced, employees at closed locations will continue to receive pay and benefits over this period. Tapestry will continue to reassess store closure decisions on a bi-weekly basis and will not reopen stores until safe to do so.

Across the three brands that make up Tapestry's portfolio*, all of the company’s stores in China have re-opened and results are slowly and steadily improving. Similarly, in South Korea, all stores have resumed normal operating hours.

Over the past weeks, as determined by local government guidelines and authorities, many other stores have been closed in the Asia Pacific region including all stores in Malaysia, Singapore, Australia, New Zealand and most recently in some prefectures in Japan.

Most of the company’s global distribution centres continue to operate with only one in Malaysia and a third party facility in New Jersey temporarily closed.
  
Tapestry confirmed it will continue to assess operations location by location, in accordance with the guidance of local governments and global health organizations to determine when operations can safely begin returning to business. The company will also provide an update on the operational and financial impacts of the coronavirus outbreak on its global business during its third quarter fiscal 2020 conference call scheduled for the 30th of April 2020.

* The company’s portfolio includes Coach, Kate Spade and Stuart Weitzman

Image credits: thesomersetcollection.com

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