Not a Good Friday in the retail as Ralph Lauren announces further corporate layoffs at its Madison Avenue headquarters.
The tony retailer announced another 125 people will be let go including 64 jobs from its failed e-commerce operations as well as eight execs at the fashion house’s headquarters.
The high price retailer is looking to save an additional $140 million in cuts from the layoffs and closure of its 5th Avenue flagship store. These savings are on top of the estimated $220 million in savings from closing 50 stores and laying off 1,000 staff late last year.
On the flip side JCPenney said Friday morning it will play Pontious Pilate with the 138 stores it planned to close in May as customers flocked to grab the cheap clothing marked down as much as 90%.
The mid-price retailer said the stores will remain open until the end of July.
Markets are closed for Good Friday, so be on the look out for surprise corporate or Washington announcements.