Calvin Klein's parent company will close 162 stores and lay off 450 employees

The US apparel giant PVH Group, which owns Calvin Klein, Tommy Hilfiger and other brands, recently announced that it plans to lay off 450 employees in North America and close 162 stores to better control costs and respond to the epidemic crisis. In the first fiscal quarter ended May 3, PVH Group’s sales plummeted 43% to US$1.257 billion, with a net loss of US$1.1 billion. During the period, Tommy Hilfiger sales fell 39% to 615 million US dollars, and Calvin Klein sales fell 46% to 426 million US dollars.