Popular baby retailer to close 150 stores and fire 15% of workforce to make up for Trump’s tariffs
Baby clothing vendor Carter's will close about 150 stores across North America and lay off around 300 people after President Donald Trump's tariffs ate badly into its profit margins.
In an earnings report on Monday, the company said its net income for the three months ending in September had crashed by more than 80 per cent since the same period last year, from $58.3m to only $11.6m.
As a consequence, the Atlanta-based retailer will try to save around $35m per year by increasing its number of store closures by 50 and cutting around 15 percent of its total workforce, having previously announced it would close around 100 stores.
It comes as companies in multiple industries report damage to their business from Trump’s import taxes, leading many business leaders to fear that a financial crash may be imminent.
“Our third quarter performance reflected continued improvement in U.S. Retail business demand,” said CEO and president Doug Palladini on Monday.
“However, elevated product c..
