Kit and Ace lays off staff in Vancouver

TORONTO -- Kit and Ace, the clothing brand launched by the wife and son of Lululemon founder Dennis (Chip) Wilson, has laid off about 10 per cent of its head office staff.

See Full Article

In a statement, the company said it laid off 35 people at its Vancouver head office effective last Thursday. The company did not answer questions about how many employees remain with Kit and Ace.

JJ Wilson and Shannon Wilson co-founded the venture in 2014.

The company has 11 stores in Canada and 33 in the United States, as well as eight international locations in Australia and the U.K. It also has several pop-up shops in those countries and one in Japan.

CEO Paul Wilson, who is not related to the founders, said many of the company's startup initiatives have been completed and it now is getting ready to focus on other areas in the year ahead.

Wilson said those being laid off will not be replaced this year, although new positions will continue to be posted.



Advertisements

Latest Economic News

  • Twitter suspended 58 million accounts in fourth quarter

    Economic CBC News
    Twitter suspended at least 58 million user accounts in the final three months of 2017, according to data obtained by The Associated Press. The figure highlights the company's newly aggressive stance against malicious or suspicious accounts in the wake of Russian disinformation efforts during the 2016 U.S. Source
  • Owner of Las Vegas casino where shooter stayed sues survivors of gun massacre

    Economic CBC News
    MGM Resorts International has sued hundreds of victims of the deadliest mass shooting in modern U.S. history in a bid to avoid liability for the gunfire that rained down from its Mandalay Bay casino-resort in Las Vegas. Source
  • NAACP lifts travel advisory against American Airlines

    Economic CTV News
    WASHINGTON -- The NAACP is lifting its travel advisory against American Airlines, saying the company is making improvements that address worries about African-Americans being subject to discrimination or even unsafe conditions while flying. NAACP President Derrick Johnson made the announcement at the NAACP's national convention in San Antonio, Texas. Source
  • A founder of WestJet and JetBlue commits to order 60 A220s for new U.S. airline

    Economic CBC News
    David Neeleman, one of the founders of WestJet Airlines Ltd. and JetBlue Airways Corp., has committed to buy 60 Airbus A220-300 aircraft for a new U.S. airline he's launching. A memorandum of understanding for the aircraft which was developed by Bombardier Inc. Source
  • Netflix shares plunge as streaming company sees 'hiccup' in subscriber growth

    Economic CBC News
    Netflix stocks fell more than 14 per cent Tuesday after the company announced it added fewer subscribers in the second quarter than analysts were expecting. The company also downgraded its expectations for the third quarter, but analysts are calling the results a hiccup and say the company remains a compelling investment opportunity in the long run. Source
  • Salt miners in Goderich, Ont., vote to end 12-week strike

    Economic CTV News
    GODERICH, Ont. -- Workers at a salt mine in Goderich, Ont., have accepted a new collective agreement, ending a 12-week strike. Unifor says members of Local 16-O voted Monday to accept the agreement with their employer, Compass Minerals. Source
  • U.S. and Canadian stocks creep higher at late-morning, loonie lower

    Economic CTV News
    TORONTO - Canada's main stock index crept higher in late-morning trading, while the loonie moved lower compared with the U.S. dollar. The Toronto Stock Exchange's S&P/TSX composite index was up 3.35 points to 16,498.08, after 90 minutes of trading. Source
  • Moody's upgrades credit rating outlook for Canada's major banks

    Economic CBC News
    Moody's Investors Service raised its credit rating outlook on Canada's major banks on Tuesday, just over 14 months after it lowered the ratings citing high debt levels and soaring house prices. Moody's said it boosted its outlook on Royal Bank, Toronto-Dominion Bank, National Bank, Canadian Imperial Bank of Commerce, Bank of Montreal and Bank of Nova Scotia from negative to stable. Source
  • A founder of WestJet, JetBlue commits to buying 60 Airbus planes for new airline

    Economic CTV News
    One of the founders of WestJet Airlines Ltd. and JetBlue Airways Corp. has committed to buy 60 Airbus A220-300 aircraft for a new U.S. airline he's launching. A memorandum of understanding for the aircraft which was developed by Bombardier Inc. Source
  • Amazon founder Jeff Bezos now richest person in decades

    Economic CTV News
    Bezos's net worth topped $150 billion on Monday, according to the Bloomberg Billionaires Index, making him the richest person in decades. The surge in the share price for Amazon -- in which Bezos holds a stake of some 16 percent -- has lifted his wealth by some $50 billion this year. Source