Popular baby retailer to close 150 stores and fire 15% of workforce to make up for Trump’s tariffs
Atlanta-based retailer Carter’s to close 150 stores nationwide
- Baby clothing vendor Carter's announced it would close approximately 150 stores across North America and lay off around 300 staff members.
- This decision stems from a significant impact on profit margins attributed to tariffs imposed by Donald Trump's administration.
- The company's net income for the three months ending in September plummeted by over 80 percent, from $58.3m to only $11.6m.
- Carter's expects to incur an additional $200m to $250m in import costs for 2025 due to these tariffs, aiming to save around $35m annually through the closures and workforce reductions.
- CEO Doug Palladini highlighted elevated product costs, partly due to higher tariffs, as a major factor affecting profitability, with other firms like Mattel also reporting business damage from import taxes.