US apparel retailer Carter’s plans to close 150 stores in North America by 2028 due to financial strain from tariffs. It also aims to cut 15% of office jobs by 2025. Tariffs have cost $200-250m annually. Q3 net sales dropped slightly to $757.8m. Operating income fell 62.2% to $29.1m. CEO cites higher tariffs impacting profitability. Charges expected for severance and savings of $35m from 2026.

Store closures increased to 150, impacting stores with $110m in sales. Sourcing strategy adjusts with Vietnam, Cambodia, Bangladesh, and India accounting for 75% of spending in 2025. China’s share drops to less than 3%. Q4 expected to see $25-35m pre-tax income impact from tariffs. Fiscal 2025 guidance suspended due to uncertainty.

Read more at Yahoo Finance: Carter’s to cut 150 stores and 15% of office jobs amid tariff challenges