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New York’s Paragon Sports Fights to Keep Going After Mass Layoff
- Union Square sports specialty store cut staff 70% amid Covid
- Lack of foot traffic, tourism and team sports hurt store sales
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At 113 years old, Paragon Sports had already weathered one pandemic before Covid-19. Now, the venerable New York retailer has laid off most of its staff as it fights to survive.
Paragon Sports cut more than 200 employees in April, accounting for 70% of its staff, and most of the reduction is permanent, Chief Executive Officer Zach Blank said in an interview. The company almost parted ways with a further 44 in January, but additional loans from the federal Paycheck Protection Program helped retain those workers.