Layoffs

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This morning, WWD confirmed the rumor we ran yesterday about Coach cutting a number of jobs in their corporate office. The accessories label issued a statement that said in part, '“In light of the uniquely challenging operating environment, we have taken steps to significantly reduce our expense structure. These actions include a 10 percent reduction in U.S. corporate staffing levels...and the elimination of merit-based wage increases, in addition to the previously announced measures of slowing domestic retail store openings.' [WWD, subscription req; Previously]