Sheertex temporarily lays off 40% of staff as it braces for impending U.S. tariffs
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Hey there, time traveller!
This article was published 05/02/2025 (250 days ago), so information in it may no longer be current.
The CEO of Sheertex says she’s had to temporarily lay off 40 per cent of the company’s staff, in part because of tariffs the U.S. has promised to place on Canadian goods.
Katherine Homuth says the Montreal-based maker of highly-durable pantyhose employed about 350 staff before the cut.
She says the company is facing tremendous financial uncertainty because of delays in closing the final portion of its most recent fundraising.
She also placed blame on impending tariff changes being made by the U.S., where Sheertex does 85 per cent of its sales.
Homuth’s business stands to not just be hurt by the U.S.’s impending 25 per cent tariff, but also on the removal of the de minimis exemption, which previously meant all direct-to-consumer orders under $800 were duty free.
The removal of the de minimis exemption will push Sheertex to face a 16 per cent duty on top of a 25 per cent tariff should the U.S. follow through with its threat. Homuth says the month-long pause on tariffs is not enough to help her business.
This report by The Canadian Press was first published Feb. 5, 2025.