The previously planned cuts will lead to $50 million in severance charges for the Tommy Hilfiger and Calvin Klein parent.
said in a regulatory filing that it was making “additional headcount reductions under these plans” on Tuesday and that it “expects to incur approximately $50 million of severance expense, primarily in the second quarter of 2023.”
That marks the next step in the company’s evolution. PVH expects “substantially all actions under these plans to be completed by the end of the third quarter.” “Workforce decisions that impact our people are never easy, and we are providing support for our associates through the transition process,” PVH said in a separate statement. “We are confident we are taking the right steps to capture the untapped growth potential of our brands and be competitive for the future.” The company did not reveal exactly what positions were eliminated or how many people were laid off.
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