Canada Goose Holdings Inc. (GOOS.TO) announced on Tuesday that it is laying off 17% of its global workforce, or about 800 employees, as part of a restructuring plan to streamline operations and cut costs.

The company said the layoffs are necessary to "ensure we are best positioned to emerge from the current economic environment and continue to drive long-term growth."

The cuts will affect all levels and functions of the company, and are expected to be completed by the end of the fiscal year.

Photo/Provided by Canada Goose 

Canada Goose told NBD that Canada Goose was realigning its teams “to ensure that corporate resources are fit for purpose to fuel our next phase of growth across geographies, categories, and channels.” He called the layoffs “the right decision to put our business in the best position in the future.”

The layoffs come as Canada Goose is facing a number of challenges, including a slowdown in demand for its luxury parkas, rising costs, and increased competition.

The company's stock price has fallen by more than 40% in the past year.

As of noon Beijing time on the 27th, Canada Goose's stock price had fallen by nearly 7%. The company's financial report for the third quarter of fiscal year 2024 showed that the company's revenue increased by 6% year-on-year to 610 million Canadian dollars, and its profit decreased by 3.2% year-on-year to 131 million Canadian dollars.