Tiffany & Co., which is due to be acquired later this year by LVMH Moet Hennessy Louis Vuitton, late Tuesday joined the slew of brands shuttering their North American stores in response to the coronavirus crisis.
In a statement, the company said it will close its stores in the U.S. and Canada until at least the end of the month, after which the situation will be reassessed. Tiffany staff will be paid during that closure period.
“Love and optimism have always been at the heart of Tiffany & Co. During these uncertain times, the well-being of our beloved teams, clients and their families is at the forefront of our minds. As COVID-19 continues to affect our communities, we have decided to temporarily close all Tiffany stores in the U.S. and Canada as well as many other locations globally, effective immediately. These stores will remain closed through the end of the month, at which time we will reassess. Our employees will be compensated during this period and will have access to additional resources. For 183 years, Tiffany & Co. has cherished our clients and our commitment is unwavering,” the company said.
While late last week and Monday saw some store closures, Tuesday marked a watershed moment in retail as company after company revealed plans to close their stores in the U.S. and Canada, most for the next two weeks. The list stretches from major department stores including Macy’s Inc., Hudson’s Bay Co. Inc., Nordstrom and Neiman Marcus Group to specialty chains. The North American closures follow government-mandated action in Italy and France, where all non-essential retailers have been forced to shutter their doors for the foreseeable future. Both the Italian and French governments have stepped in with aid packages, while the European Union also is looking at financial assistance.
Despite the expected assistance from government, economic observers expect at least the U.S., Italy and France to experience a recession over the next six months in the wake of the COVID-19 crisis.